Chainlink breaks through key level- Opportunities ahead for short sellers?

ambcrypto.com:

Another week of 2023 is in the rearview mirror and the bulls have emerged victorious once again. LINK holders are ecstatic after the rally that the coin has delivered since mid-February. Here’s a look at how LINK has kicked off the second half of February.

Read about Chainlink [LINK] price prediction for 2023-2024

The first half of February looked like the start of a bearish retracement after the bullish performance that LINK delivered in January.

It did, in fact, pulled back below the 200-day moving average and briefly below the 50-day MA. The bulls just made a strong mid-month comeback that culminated in a 27.86% rally from its 4-week lows to its press time high of $8.25.

Source: TradingView

LINK’s rally in the last two days was so strong that it managed to break through the $7.79 resistance level.

Also, the rally kicked off from the RSI mid-range, confirming that the relative strength was still in favor of the bulls. In other words, LINK, at press time, was still carrying on with the bullish momentum previously witnessed in January.

The bears might just be around the corner despite this impressive performance. The latest Glassnode data reveals that exchange outflows are slowing down. The last 24 hours demonstrated a return of higher exchange inflows, suggesting that sell pressure was building up.

Source: Glassnode

The slowdown in exchange volumes was preceded by a large spike in social volume to the highest monthly levels on 17 February.

This was followed by a surge in on-chain volume back to the previous monthly high.

A bearish retracement ensued the last time that the volume peaked at the same level. A retest of this same level carries a higher probability of yielding similar results.

Source: Santiment

Another metric that