Chainlink Struggles to Break $19 Barrier Amid Market Uncertainty
Chain links (Link) has been working to stay motivated after a failed attempt to violate the $26 resistance level in late January. This setback triggered a decline, causing the link to drop below $20.
To achieve meaningful recovery, ChainLink now relies on investors’ actions to make the right move.
Chain link investors have opportunities
Chainlink’s active address has now dropped to a two-month low of 3,400, a number not seen since November 2024. This decline in active users indicates a weaker investor interest as participants trade less on the web. This suggests that the emotions between link holders are largely suspicious.
The decline in positive addresses signaled that many investors are taking a wait approach, which may be due to recent price struggles. Lack of participation and hesitation may be further Weigh the price of chain linksas the reduction in trading activity is often associated with limited upward momentum in the market.
Chainlink’s broader momentum is also under pressure, reflecting the existing value (MVRV) ratio of -15%. This means that those who bought links last month faced an average of 15% losses. The MVRV ratio is now located in the opportunity zone, between -8% and -19%, with signal reversal potential.
Historically, when the MVRV ratio dropped to this range, it showed that investors were stopping selling and instead chose to accumulate at a lower price. If this pattern continues, a turning point can be marked Prices for chain storesas long-term holders may step in to provide support and drive price recovery.
Link price forecast: rebound
Prices for chain stores It has fallen 25% since the beginning of this month and is currently trading at $18.84. Altcoin has been working to break through resistance at $19.23 over the past week, suggesting that vital levels must be violated for potential recovery.
If investors start accumulating links at lower prices, it is very likely that the $19.23 resistance will be turned to support. This could push Chainlink to the next hurdle at $22.03, providing the momentum needed to further uptrend.
However, if the loss of $19.23 is violated, Chain links may fall Through its downtrend support line, it reached $17.31. A drop below this level will invalidate the current bullish outlook, indicating a continued bearish trend of the link and may trigger further declines.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
