Chainlink drops 17% in a week – LINK’s recovery possible ONLY IF…

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.