{"id":564614,"date":"2023-12-08T20:00:18","date_gmt":"2023-12-08T20:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=564614"},"modified":"2024-06-11T14:43:01","modified_gmt":"2024-06-11T14:43:01","slug":"chainlink-becomes-long-heavy-price-16-top","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink\/chainlink-becomes-long-heavy-price-16-top\/","title":{"rendered":"Chainlink Becomes Long-Heavy As Price Clears $16: Top Here?"},"content":{"rendered":"

Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency.<\/p>\n

Chainlink Funding Rate On Binance Has Turned Highly Positive<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the Chainlink funding rate on Binance has now reached the highest level in about four weeks. The “funding rate<\/a>” refers to the periodic fee that derivative traders on any given platform are exchanging with each other right now.<\/p>\n

When the value of this metric is positive, it means that the long holders are currently paying a fee to the short investors in order to hold onto their positions. Such a trend suggests a bullish mentality is dominant on the platform.<\/p>\n

Related Reading: 63.2% Of PEPE Holders Now In Profit: How This Compares With DOGE, SHIB<\/a><\/div>\n

On the other hand, negative values imply a bearish sentiment is shared by most LINK traders on the exchange as the shorts outweigh the longs.<\/p>\n

Now, here is a chart that shows the trend in the Chainlink funding rate on cryptocurrency exchange Binance over the last few months:<\/p>\n

\"Chainlink<\/p>\n

The value of the metric appears to have seen a large spike recently | Source: Santiment on X<\/a><\/pre>\n

As displayed in the above graph, the Chainlink funding rate on Binance has assumed significantly positive values following the asset’s surge beyond the $16 mark.<\/p>\n

Longs currently outweigh the shorts by the highest ratio since November 11th, when the cryptocurrency’s price set its then-yearly high, which the coin has now surpassed.<\/p>\n

Historically, longs piling up on the derivatives market have often been negative for the price. This is because a mass liquidation event called a “squeeze<\/a>” is usually more likely to affect the side with the most positions.<\/p>\n

In a squeeze, a sudden swing in the price triggers a large amount of liquidations, which only feed into the swing further and end up leading to a cascade of more liquidations.<\/p>\n

As the Chainlink funding rate is significantly positive, a long squeeze could be more likely to happen than a short squeeze. Last month, the asset hit its local top in these conditions, so the same might also repeat this time.<\/p>\n

If LINK does observe a drawdown shortly, though, the decline may not be too extended. This is because there appears to be some strong on-chain support<\/a> present between the $14.4 and $14.8, as analyst Ali pointed out in an X post<\/a> yesterday.<\/p>\n

\"Chainlink<\/p>\n

Looks like LINK has little resistance ahead | Source: @ali_charts on X<\/a><\/pre>\n

In on-chain analysis, levels are defined as resistance and support based on the total number of investors who acquired their coins at said levels. From the chart, it’s visible that 17,000 addresses have their cost basis inside the $14.4 to $14.8 range, which means it’s possibly a zone of strong support.<\/p>\n

Related Reading: Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests<\/a><\/div>\n

On the contrary, the levels above the current one are thin with investors, meaning that they shouldn’t pose too much resistance should the rally continue.<\/p>\n

“As $LINK has regained the $16 threshold, watch if a bit of FOMO forms a local top, or if prices continue surging toward $20 with little resistance,” notes Santiment.<\/p>\n

LINK Price<\/h2>\n

LINK had earlier broken past the $17 mark, but the asset has since seen some pullback as it’s now trading under the level once more.<\/p>\n

\"Chainlink<\/p>\n

LINK has shot up during the past day | Source: LINKUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, IntoTheBlock.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"

Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency. Chainlink Funding Rate On Binance Has Turned Highly Positive According to data from the on-chain analytics firm Santiment, the Chainlink funding rate on Binance has now reached the highest level in about four weeks. The “funding rate” refers to the periodic fee that derivative traders on any given platform are exchanging with each other right now. When the value of this metric is positive, it means that the long holders are currently paying a fee to the short investors in order to hold onto their positions. Such a trend suggests a bullish mentality is dominant on the platform. Related Reading: 63.2% Of PEPE Holders Now In Profit: How This Compares With DOGE, SHIB On the other hand, negative values imply a bearish sentiment is shared by most LINK traders on the exchange as the shorts outweigh the longs. Now, here is a chart that shows the trend in the Chainlink funding rate on cryptocurrency exchange Binance over the last few months: The value of the metric appears to have seen a large spike recently | Source: Santiment on X As displayed in the above graph, the Chainlink funding rate on Binance has assumed significantly positive values following the asset’s surge beyond the $16 mark. Longs currently outweigh the shorts by the highest ratio since November 11th, when the cryptocurrency’s price set its then-yearly high, which the coin has now surpassed. Historically, longs piling up on the derivatives market have often been negative for the price. This is because a mass liquidation event called a “squeeze” is usually more likely to affect the side with the most positions. In a squeeze, a sudden swing in the price triggers a large amount of liquidations, which only feed into the swing further and end up leading to a cascade of more liquidations. As the Chainlink funding rate is significantly positive, a long squeeze could be more likely to happen than a short squeeze. Last month, the asset hit its local top in these conditions, so the same might also repeat this time. If LINK does observe a drawdown shortly, though, the decline may not be too extended. This is because there appears to be some strong on-chain support present between the $14.4 and $14.8, as analyst Ali pointed out in an X post yesterday. Looks like LINK has little resistance ahead | Source: @ali_charts on X In on-chain analysis, levels are defined as resistance and support based on the total number of investors who acquired their coins at said levels. From the chart, it’s visible that 17,000 addresses have their cost basis inside the $14.4 to $14.8 range, which means it’s possibly a zone of strong support. Related Reading: Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests On the contrary, the levels above the current one are thin with investors, meaning that they shouldn’t pose too much resistance should the rally continue. “As $LINK has regained the $16 threshold, watch if a bit of FOMO forms a local top, or if prices continue surging toward $20 with little resistance,” notes Santiment. LINK Price LINK had earlier broken past the $17 mark, but the asset has since seen some pullback as it’s now trading under the level once more. LINK has shot up during the past day | Source: LINKUSD on TradingView Featured image from iStock.com, charts from TradingView.com, IntoTheBlock.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":564642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,90825,90824,90823,89663,88667,16097,75940],"class_list":["post-564614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-funding-rates","tag-chainlink-futures","tag-chainlink-longs","tag-chainlink-rally","tag-chainlink-top","tag-link","tag-linkusd"],"acf":[],"yoast_head":"\nChainlink Becomes Long-Heavy As Price Clears $16: Top Here?<\/title>\n<meta name=\"description\" content=\"Chainlink has seen long contracts pile up on Binance during the past day, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink Becomes Long-Heavy As Price Clears $16: Top Here?","url":"http:\/\/wncen.com\/news\/chainlink\/chainlink-becomes-long-heavy-price-16-top\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chainlink\/chainlink-becomes-long-heavy-price-16-top\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1460700055.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1460700055.jpg?fit=2309%2C1299"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink funding rates","chainlink futures","chainlink longs","chainlink rally","chainlink top","link","linkusd"],"dateCreated":"2023-12-08T20:00:18Z","datePublished":"2023-12-08T20:00:18Z","dateModified":"2024-06-11T14:43:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink Becomes Long-Heavy As Price Clears $16: Top Here?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-becomes-long-heavy-price-16-top\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-becomes-long-heavy-price-16-top\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1460700055.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1460700055.jpg?fit=2309%2C1299\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink funding rates\",\"chainlink futures\",\"chainlink longs\",\"chainlink rally\",\"chainlink top\",\"link\",\"linkusd\"],\"dateCreated\":\"2023-12-08T20:00:18Z\",\"datePublished\":\"2023-12-08T20:00:18Z\",\"dateModified\":\"2024-06-11T14:43:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1460700055.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564614"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564642"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}