Chainlink (LINK) is experiencing significant bearish trends, presenting a buying opportunity for those willing to take the risk. Despite bullish signals, LINK’s value has been in a downtrend, trading at $10.24, a 12% decline over the last 30 days.
Technical indicators like the 30-day and 90-day MVRV ratios suggest the asset is undervalued, potentially making it attractive for investors. However, the growing bearish sentiment presents challenges, as evidenced by LINK trading within a descending triangle, indicating further potential decline.
The MACD indicator has confirmed a short-term downtrend, suggesting further price drops if the bearish trend continues. If LINK fails to retest its breakout level, the price may fall to $8.08. On the other hand, a successful retest could push the price up to $13.73.
