Chainlink drops 17% in a week – LINK’s recovery possible ONLY IF…
Main Idea
Chainlink (LINK) has experienced a 17% price drop in a week, with potential for recovery if key demand zones and market conditions align, though a bounce is not guaranteed.
Key Points
1. Chainlink's price dropped 17.2% since July 28, alongside a 4.9% Bitcoin price decline.
2. Technical analysis suggests a potential reversal if LINK reaches the $15.5 demand zone, which previously supported prices in July.
3. Key metrics like Dormant Circulation spiked, and the MVRV ratio dropped, indicating reduced profit-taking pressure.
4. Market structure remains bearish, with RSI below 50 and OBV receding, but the $15.5 zone and 50-day moving average could offer support.
5. Bitcoin's price movement may influence LINK's trend, as the two assets often correlate.
Description
Technical analysis showed that Chainlink bulls might have a chance of reversing the retracement from $19.5.
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