NEW TOPIC: COIN OF THE DAY - CHAINLINK ($LINK )
Most of Thursday's $LINK coverage was about one number: $10. The token spent the day on its 200-day average, and bears were happy to call it a breakdown. The bigger story was happening off the chart.
The headline everyone saw đ»
LINK traded around $10.07, down about 2.7% on the day, with a range of $10.02 to $10.56.
It's down roughly 12.7% over seven days and about 24% over 30.
The 200-day average sits near $10.10, so price is testing it from both sides.
Daily RSI is about 35, weak but not oversold.
What sits underneath đ„
The Chainlink Reserve bought 106,300 LINK on Nov 12, its first reported purchase since Nov 5. It now holds about 6.68M LINK, with 471,200 added in the last 30 days.
Moody's ran a pilot that sent credit-rating data through Chainlink CCIP to both permissioned and public chains at once. It was a testnet run with sample data, announced Nov 10, but it's Moody's. 3. Schwab Crypto started spot trading in LINK on Nov 9, next to SOL and AVAX.
None of that has moved the price yet. US spot LINK ETFs logged a third straight day of zero net flows on Nov 11, holding $176.4M in total inflows. Demand from new channels takes time to show up.
The levels đ€
Resistance: $10.21, then $10.55 (the reclaim level analysts watch), then the 100-day average near $11.60.
Support: $10.00, then $9.83, then the Aug 19 low at $9.48.
The 50-day average is up at $12.35, so the trend is still pointing down.
Derivatives check đ»
Open interest across venues is about $461M, down 3.3%.
Funding is slightly positive at 0.0052%.
Of about $925K liquidated in 24 hours, 97% were longs.
On Binance futures, 65% of accounts are long, so the crowd is still leaning bullish into weakness.
â The case for patience
Steady Reserve buying, a pilot with one of the largest rating agencies, a new US brokerage listing and a 200-day line that has held on a closing basis so far.
â ïž The risks
BTC is at a 3-month low and LINK tends to follow it.
ETF demand has gone flat.
A daily close under $10 would make the 200-day break official.
Three paths đ€·
đą A reclaim of $10.55 with the 200-day holding opens $10.83.
âȘ A $10.00 to $10.55 range while BTC looks for a floor.
đŽ A daily close under $10.00 opens $9.83, then the $9.48 August low.
Analyst takes đł
Coin Gabbar's Aashish Vishwakarma stays bearish below $10.21 and sees $10.55 as the line that flips the outlook.
CryptoTicker's Alexander Schmidt calls the 200-day and the $10 round number the two levels that matter.
Blockchain.News called it "a technical crossroads".
Dates đ
Fri Nov 13: BTC and ETH options expiry, a volatility risk for alts
Fri Nov 13: US PPI
My read đ€Ą
The fundamentals got better this week while the price got worse. That gap usually closes one way or the other, and the $10 close will tell us which.
Does $LINK close Friday above $10? Yes or no, and why? đ
Data: CoinGecko, Chainlink Reserve, CoinGlass, SoSoValue, The Block
#LINK #CryptoNews #Write2Earn #Chainlink #RWA
Educational content, not financial advice. DYOR.