What is established: Chainlink stands at $11.11 on Monday evening, November 2, below its average of the past 100 days, which by our calculation is $11.36. On Sunday LINK still closed at $11.65, above that line. At the same time, the ratio of long to short accounts at the exchange OKX has fallen from 3.18 to 2.10 since October 24. Our assessment follows further down: the market is unwinding its one-sided bets on rising prices, and the next reliable level only comes at the 200-day line around $10.03.
The price data come from CoinGecko. Over 24 hours LINK is down 3.2 percent, over 30 days just under 20 percent. The daily high was $11.45 and the daily low $11.02. Bitcoin gave up 1.3 percent over the same period, ether 0.6 percent. LINK is therefore falling considerably harder than the two largest coins, without any bad news of its own.
Chainlink below the 100-day line: where LINK stands on Monday evening
The 100-day line is the simple average of daily closing prices over the past 100 days. It smooths out the noise of individual days and shows...
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