As the dumping pressure intensifies, Chainlink long positions may further fall.

According to Gate News bot, analysis by AmbCrypto shows that Chainlink (LINK) rose 2% on June 16, which seems to be the start of a 16% pump. However, those hopes have been dashed in the past 24 hours, as of the time of writing, the LINK price has fallen 3%.

Meanwhile, Bitcoin (BTC) has also been performing inconsistently, with its price fluctuations based on the latest news updates from the Middle East.

Analysis indicates that the in-the-money/out-of-the-money indicators for LINK show that the $13.6-$13.9 range is a relatively large supply area nearby. A significant amount of demand is needed to push the price up to $14-$14.4 (another supply area) from the $13 support level.

However, based on the weak price trends since June, this situation seems unlikely to occur. The charts support the view that gold prices could fall to $12.1 and even dip to the range low of $10.8.

(Source: IntoTheBlock)

The exchange’s net flow data indicates that there has been some accumulation over the past week. The net outflow of LINK is -261,000, which means the outflow amount is 3.44 million dollars. The outflow from the exchange is a good sign because it indicates capital accumulation.

The net inflow in June has been positive for most of the past time, with accumulation over the past five days. The 30-day change shows that nearly 79,000 LINK, worth $1.04 million, has flowed into the exchange.

Overall, the price trend and IntoTheBlock data indicate a bearish trend in the coming days. Traders can look for shorting opportunities by taking advantage of a drop below $12.64 and subsequently retesting the resistance level at $13.

(Source: IntoTheBlock)