Chainlink (LINK) has been in a price decline that started in mid-March and is currently in the process of recovering losses. Investors who have experienced significant losses in the past two days are hoping to support the altcoin, contributing to a potential recovery process. There has been a 30% decline in LINK’s price recently, and investors are refraining from selling to minimize their losses.
Investor Behaviors and Market Dynamics
Investors trading in Chainlink are generally categorized according to their profitability. Only 15% of active addresses are profitable, while the remaining 85% are either in a loss or break-even situation. Investors in a loss or break-even situation are refraining from selling as they are striving to recover their current losses.
LINK’s Potential Roadmap
Nearly 100,000 LINK investors have lost their profits by 14% in the last four days, indicating that more than 50% of investors are in a loss. This may create pressure in the market for a price recovery in which Chainlink’s price may rise to resistance levels. While the price of Chainlink fell to the $11.45 level during the day, the $17 resistance level proves to be a significant obstacle. If the price surpasses the $14.62 and $15.69 resistance levels, it can reach $17 with a 17% increase.
Useful Information for Readers
Chainlink investors, the majority of whom are at a loss, rely on market movements for a potential recovery.
The $14.62 and $15.69 levels are critical resistance points for LINK.
A recovery in Chainlink’s price may be triggered by breaking these resistance points.
However, in the event of unsuccessful price movements, Chainlink may experience a pullback from the $16 level, and the downward trend could intensify. Therefore, it is recommended that investors carefully monitor market movements and consider the resistance levels.
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