🚨 LINK’s Wild Ride: Is the Magic Carpet About to Fold? 🚨

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Ah, Chainlink (LINK), the plucky little token that’s been galloping through the crypto fields like a wizard’s broomstick on a full moon. Over the past year, it’s soared more than 109%, and even in the last three months, it’s puffed up its chest with a 68.5% gain. 🧙‍♂️✨

But alas, the past week has been a bit of a wobbly-legged troll under the bridge, with LINK slipping more than 9%. Now, the charts are whispering (or rather, shouting) that this year-long uptrend might be running out of puff, at least for now. 🧌💨

Profit-Taking Gremlins Are Circling As Holders Count Their Gold

One of the clearest signs of trouble comes from the percentage of LINK supply in profit, which is still floating around like a smug dragon hoarding its treasure. As of August 29, nearly 87.4% of the circulating supply is in profit, not far from the recent peak of 97.5% on August 20. That peak, of course, coincided with LINK’s rally to $26.45, which promptly deflated like a popped party balloon to $24.82 the next day. 🐉💰

A glance back in time reveals the same old dance. On July 27, the supply in profit was at 82.8%, just before LINK took a 19% nosedive from $19.23 to $15.65. The current reading near 87% is once again uncomfortably high, like a clown at a funeral, hinting at the risk of profit-taking gremlins swooping in. 🤡⚰️

Meanwhile, the Chaikin Money Flow (CMF), which tracks capital inflows and outflows like a nosy neighbor, has been trending downward since August 22. It finally slipped below zero on August 29 for the first time since August 6. This dip into negative territory is like a wizard losing his wand-it signals fading buying pressure and capital inflows, making a pullback as likely as a dwarf tripping over a beer barrel. 🧙‍♂️🪄

For more token tales and market mischief: Want to keep up with the crypto circus? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. 🎪📈.

Chainlink (LINK) Price Action: The Megaphone of Doom?

The daily chart paints a picture as ominous as a dark cloud over Ankh-Morpork. LINK is currently trading at $23.31, trapped inside an ascending broadening wedge pattern-a structure as notorious as a band of thieves in a tavern. This “megaphone” shape is infamous for heralding bearish reversals, and it’s now looming over LINK like a vulture eyeing its next meal. 🦅⚰️

The key support to watch is $22.84. A decisive break below this level would expose the next downside target at $21.36, and falling beneath that could risk a deeper retracement. Think anywhere in the 6% to 19% range, as seen during the local “Supply In Profit” peaks. It’s like a game of Dwarfish Darts, but with your portfolio on the line. 🎯💸

On the flip side, if LINK manages to reclaim $25.96, it might still attempt another upward jaunt. But even such a recovery wouldn’t fully banish the exhaustion signs unless the token can break convincingly above $27.88. Until then, it’s as uncertain as a witch’s weather forecast. 🧙‍♀️☔

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2025-08-31 00:01