Chainlink Poised for Recovery: Market Signals Accumulation Opportunity Amid 27% Decline
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Chainlink (LINK) has seen one of its largest single-day declines in recent years. However, market conditions now present an opportunity for investors to accumulate LINK at low prices. A sharp uptick in new addresses suggests increased investor interest. The Market Value to Realized Value (MVRV) ratio supports accumulation, with a 30-day MVRV at -30%, indicating low selling pressure. LINK is currently trading at $8.52 and could recover if it gains bullish momentum.
For potential price recovery, LINK must reclaim $12 as a support level. If not, the altcoin could stay above the psychological support of $10. A drop below $8.29 could see LINK reentering a consolidation phase between $9.35 and $5.86, confining it in this range.
Source: beincrypto.com ↗
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![Chainlink [LINK] poised for breakout? Here are the signs which say yes…!](https://loutre.blockchair.io/w4/storage/news/2d065a81e30cf52ab74493b9ec97beaa.png){kind=small}
