Summary
TLDR: Chainlink (LINK) is expected to experience a significant correction due to a bearish reversal pattern and a decrease in investor participation. The price may drop by 21%, but a cluster of LINK tokens purchased at a certain level could provide support. The Relative Strength Index (RSI) indicates oversold conditions, adding to the potential for a price decline.
Key Points
1. Chainlink (LINK) is showing signs of a significant correction due to the emergence of a bearish reversal pattern.
2. Chainlink investors are pulling back, with a nearly 44.7% decline in addresses conducting transactions on the network in the last two weeks, indicating a decrease in investor interest.
3. Chainlink’s price is susceptible to a steep correction based on the Relative Strength Index (RSI) being in the bearish zone, with a potential 21% drop predicted in the near future.