Summary
TLDR: Chainlink (LINK) price is in a weak downtrend but finding support among holders, with most active addresses not witnessing losses. The Market Value to Realized Value (MVRV) ratio signals bullishness, indicating an opportunity for accumulation. However, a Death Cross on the 4-hour chart may lead to a potential price downtrend if not reversed. Investors should conduct their own research and consult with professionals before making financial decisions.
Key Points
1. The Chainlink (LINK) price is consolidating within a range of $21.69 and $17.56, finding support among holders and preventing excessive drawdown.
2. The Market Value to Realized Value (MVRV) ratio signals bullishness for Chainlink, with historical data showing that -5% to -12% MVRV often precedes market rallies, making it an opportunity zone for accumulation.
3. While there is potential for Chainlink’s price to push back and reclaim key levels, such as the 50-day Exponential Moving Average and $19 as a support level, a Death Cross on the 4-hour chart could lead to a downtrend if the price falls below $17.56.