Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Chainlink Struggles at $19 Mark as Network Activity Hits Two-Month Low

Chainlink Struggles at $19 Mark as Network Activity Hits Two-Month Low

YellowYellow2025/02/14 09:22
By:Yellow

In a recent downturn, Chainlink ( LINK ) has been unable to maintain its upward momentum, particularly after failing to surpass the $26 resistance level earlier this year. This led to a decrease in its value, with prices dipping below $20.

Chainlink’s network activity has seen a significant decline , with active addresses dropping to a two-month low of approximately 3,400—the lowest since November 2024. This reduction signals waning investor interest, as fewer transactions are happening, indicating a skeptical sentiment among LINK holders.

The decline in active participation suggests many investors are taking a cautious, wait-and-see approach, influenced by recent price challenges. This could further impact Chainlink's market performance, as reduced transaction activity often correlates with limited upward price momentum.

The Market Value to Realized Value (MVRV) ratio for Chainlink is currently at -15%, showing that on average, recent investors are experiencing 15% losses. The ratio is in the opportunity zone, ranging from -8% to -19%, highlighting a potential period for market reversal. Historically, such MVRV levels have encouraged investors to accumulate, potentially supporting a price turnaround.

Chainlink has seen a 25% decline this month, trading at $18.84. It has struggled to move past the $19.23 resistance level, a crucial hurdle for potential recovery. If investors start accumulating at these prices, breaking through this resistance could transform it into a support level, possibly propelling the price towards $22.03, which would be critical for sustained upward momentum.

Conversely, failure to surpass $19.23 could lead Chainlink to breach its downward support, dropping to $17.31. Such a decline would negate the current bullish prospects and likely signal an ongoing bearish trend, risking further price reductions.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!