Chainlink (LINK) Price Analysis & Prediction: Will Investors Prevent Bearish Trend?

Monday, 18 March 2024, 19:30

Chainlink price is facing a potential correction due to a Death Cross signal, but ongoing consolidation offers support. LINK holders play a crucial role in preventing excessive drawdown and supporting bullish accumulation. Key on-chain metrics suggest favorable opportunities for investors, although a Death Cross looms as a threat that could trigger a bearish trend.

Chainlink (LINK) Price Analysis

Chainlink price is consolidated at the moment, but is still open to potential correction as it's witnessing a Death Cross. Can investors prevent this?

Chainlink Price Is Finding Support Among Holders

Chainlink's price has corrected by more than 14% to trade at $18.56, maintaining consolidation within a specific range. The majority of active addresses are supportive, limiting potential drawdown. Active participation and bullish sentiment suggest a resilient stance among holders.

7% of active investors are at loss, 57% break-even, and 35% profitable.
The Market Value to Realized Value (MVRV) ratio indicates favorable conditions for accumulation, offering an opportunity zone for investors.

LINK Price Prediction: Death Cross Looms Above Investors' Heads

Chainlink price faces the challenge of a Death Cross, potentially impacting its rally. While opportunities for accumulation exist, vigilance is required due to the looming bearish signal. Maintaining crucial support levels is essential to preserve the bullish trend.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.