Exploring the Potential Future Movements of Chainlink (LINK)

Thursday, 7 March 2024, 09:00
Chainlink's modest growth and decline in sentiment raise questions on its ability to break above the $20 mark. A significant drop in Dormant Circulation Supply alongside a pessimistic Weighted Sentiment paint a challenging picture for LINK's price path. The article analyzes the impact of these key factors, evaluates support and resistance levels, and provides insights on the potential directions for Chainlink.

How the 180-Day Dormant Supply Drop Can Impact the Chainlink Price

Between February 6 and March 3, the Dormant Circulation Supply for Chainlink (LINK) witnessed a substantial increase, indicating bullish sentiment. However, a sharp reduction on March 6 implies a shift in investor sentiment.

Chainlink Sentiment Hits a New Low

The Weighted Sentiment for Chainlink has reached a negative extreme, signaling bearish market sentiment. This sentiment, combined with a weakening circulation supply, suggests a bearish to neutral outlook for LINK.

LINK Price Prediction: Is $22 Possible Anytime Soon?

Analysis shows a strong support level for LINK between $15 to $18.50, but faces resistance between $19.75 to $26.75. Breaking through this resistance would require sustained positive sentiment or external factors like a Chainlink ETF approval.

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