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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-collaborates-with-superstate-but-fails-to-excite-investors/" data-wpel-link="internal">Chainlink Collaborates with Superstate but Fails to Excite Investors</a> 
Chainlink (LINK) price does not fully reflect <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">recent developments</a> despite its strong presence in the decentralized finance (DeFi) sector. Chainlink’s latest collaboration with Superstate, an asset management fund with over $103 million in assets, is part of its efforts to expand into the traditional finance (TradFi) sector. However, despite these positive developments, LINK’s price is on a downward trend and faces the risk of retreating to $8. 
<h2 style="text-align: justify" id="strong-chainlink-s-collaboration-with-superstate-fails-to-create-expected-excitement-strong">Chainlink’s Collaboration with Superstate Fails to Create Expected Excitement</h2> 
Chainlink announced its collaboration with Superstate on August 12. This collaboration will integrate Chainlink’s Price Feeds into Superstate’s tokenized treasury fund (USTB). While this integration will allow the fund’s net asset value to be tracked on-chain, it has elicited mixed reactions from <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. On-chain data indicates potential sell signals. 
IntoTheBlock data shows that the net flow of large LINK investors is negative, indicating that some LINK tokens are still leaving wallets, suggesting potential sales. Over the past seven days, large investor inflows have decreased by 84%, while outflows have dropped by 67%. Additionally, CryptoQuant data shows a slight increase in Chainlink’s exchange inflows, suggesting that some investors may be taking sell positions. 
<h2 style="text-align: justify" id="strong-technical-indicators-and-price-movement-for-link-strong">Technical Indicators and Price Movement for LINK</h2> 
LINK’s price has dropped by 4.1% in the last 24 hours, falling to $10.19. Technical analysis indicates that the <a href="https://en.coin-turk.com/hashkey-global-expands-crypto-derivatives-offerings-with-new-perpetual-contracts/" data-wpel-link="internal">altcoin</a>‘s price may decline further in the coming days. The price is trading below both the 50-day EMA ($10.94) and the 200-day EMA ($12.72). Additionally, the rising wedge formation, which signals a downtrend, suggests that the price could move further downward. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379394" src="https://coin-turk.com/wp-content/uploads/2024/08/Altcoin-Chainlink-LINK-1.jpeg" alt="" width="1280" height="538"> 
For the altcoin’s price, critical support and resistance levels include the 50-day EMA at $10.94 and the 200-day EMA at $12.72 as resistance. Support levels are currently around the lower boundary of the rising wedge formation and approximately $8.00. The RSI is at 46.56, below the neutral 50 level, indicating room for further decline before reaching the oversold region. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-collaborates-with-superstate-but-fails-to-excite-investors/" data-wpel-link="internal">Chainlink Collaborates with Superstate but Fails to Excite Investors</a></h5>
The post <a href="https://en.coin-turk.com/chainlink-collaborates-with-superstate-but-fails-to-excite-investors/" data-wpel-link="internal">Chainlink Collaborates with Superstate but Fails to Excite Investors</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Chainlink Collaborates with Superstate but Fails to Excite Investors

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