Chainlink Price Analysis and Expectations 🚀
After Chainlink's recent 20% price increase, the cryptocurrency is moving at some critical levels. Chainlink, which is more affected by Bitcoin's halving activity, has encountered difficult obstacles in the past and these obstacles have led to investors to sell. With the latest correction, the profit of the LINK supply fell from 84% to 70%.
There was a 14% supply drop on the Chainlink front, representing 82.18 million LINKs worth about $1.3 billion. The market-real value ratio (MVRV) tracks investor gains and losses, indicating that LINK is in a critical sales zone with a 7-day MVRV of 11%.
Chainlink's price rose 20% over the weekend to trade at $15.8. However, altcoin tested support levels of $14.6 and $13.4, down from the $15.6 resistance. If the resistance of $15.6 is successfully broken and turned to support, a recovery can be seen in the Chainlink price and could reach the next resistance point, $18.
Chainlink's 20% price increase may offer investors short-term selling opportunities.
LINK's MVRV rate marks a critical sales zone for investors and caution should be exercised against potential declines.
The $15.6 resistance point plays a decisive role for Chainlink's price movements.
As a result, Chainlink investors should shape their strategies accordingly, especially by paying attention to critical movements at resistance and support levels. Long-term expectations, combined with short-term fluctuations, can significantly affect the decision-making processes of LINK investors.
