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Chainlink LINK coin could see further decline before recovery

Chainlink (LINK) is currently experiencing downside challenges, which could cause its price to decline. This drop is necessary for the altcoin to begin the recovery wave after the losses it recently suffered.

Investors are reflecting a state of pessimism about the future of the currency in the near term, which is in line with price expectations for Chainlink.

Chainlink investors may soon move

should testify LINK PRICE Further decline in the coming days. The recent correction has eliminated any incentive for new investors To board the Chainlink train. This is reflected in network growth, which fell to its lowest annual level.

Network growth is calculated based on the rate at which new addresses are created on the network. These data determine whether or not the project loses its attractiveness on the market.

Calculate the rate Network Growth Based on how often new addresses are created on the network. This data is used to determine whether the project is losing momentum in the market. Given Chainlink's very low growth, it is likely that Chainlink will not attract new users at the moment, which could negatively impact the price of the coin.

Growth of the Chainlink network.
Growth of the Chainlink network. Source: Feeling

On the other hand, Chainlink currency LINK “It is currently undervalued on a market value to realized value ratio (MVRV). However, this is a positive development.

The market value to realized value ratio (MVRV) measures the profitability and loss of investors. The current network value, which is negative -16% over 30 days, indicates losses likely to boost coin accumulation operations.

Historically, Chainlink price has rallied to the -7% and -17% MVRV levels, making it a potential area of ​​investment currently. However, there is still room for some pullback before Chainlink investors decide to purchase its tokens, as they are currently on the verge of starting a recovery path.

Chain Link MVRV Report.
Chain Link MVRV Report. Source: Feeling

Chainlink coin price trading LINK ", at the time of writing, at $12.7, which means a pullback from the support level of $13.2. This is a very important level as it coincides with the 23.6% Fibonacci retracement.

More likely to happen Decrease if LINK goes below The support level is at $12.7. Given market conditions, LINK price will likely drop to $11.7 before rebounding.

LINK coin price analysis.
LINK coin price analysis. Source: Commercial view

However, if the $12.7 support level remains strong and...“Chain link” link. “With the 23.6% Fibonacci retracement rate as a support level, this could pave the way for a recovery. This would invalidate the current pessimistic assumption and the price of the currency could reach $14.8 or more.

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الأسواق,تحليلات,تحليل الوصلة المتسلسلة (LINK),عملة LINK