Bittime - Chainlink (LINK) price is predicted to experience a correction to the level of $11.7 before potentially recovering to $13.2. This correction was driven by several technical indicators and investor sentiment which we will discuss in detail.
Investors Are Cautious and LINK Network Growth Declines
LINK price is currently facing selling pressure which could cause the price to drop. This correction is actually healthy for the long term because it allows LINK to consolidate and prepare for the next increase. Investors currently tend to take a wait-and-see attitude in the short term, in line with LINK price correction predictions.
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Additionally, LINK network growth is slowing. Network growth is calculated based on the number of new wallets joining the LINK network. This data is an important indicator for measuring new investor interest in a project. With the network's current low growth, it appears LINK has not succeeded in attracting new users significantly, potentially negatively impacting the token price.
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Potentially Undervalued LINK: Accumulation Opportunities
Despite the selling pressure, there is good news for long-term investors. Based on the Market Value to Realized Value (MVRV) ratio, LINK is currently undervalued. MVRV measures investors' overall profit/loss. LINK's 30-day MVRV ratio of -16% indicates potential accumulation action by investors as LINK's price is considered to be below its intrinsic value.
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Historically, LINK price recovery occurs in the MVRV range of -7% and -17%. This means that currently the LINK price is in an attractive buying opportunity zone. However, there is still some downside room before investors start accumulating to start a recovery.
LINK Price Prediction: Crucial Support Level
LINK price, currently trading at $12.7, is below the support level of $13.2. This level is important because it coincides with the 23.6% Fibonacci Retracement. If LINK breaks below the $12.7 support, further downside is possible.
Looking at current market conditions, LINK could potentially drop to $11.7 before rebounding. However, if the $12.7 support holds and LINK manages to reclaim the 23.6% Fibonacci Retracement as support, it could signal the start of a price recovery. This condition would invalidate the bearish predictions and potentially push LINK price up to $14.8 or higher.
Conclusion
LINK price is predicted to experience a correction first before starting recovery. This correction was triggered by short-term investor caution and slowing network growth. However, LINK's assessment, which is currently undervalued, is an opportunity for long-term investors to accumulate. Investors need to pay close attention to the $12.7 support level to identify the next direction of LINK price movement.
How to Buy Chainlink (LINK) on Bittime
You can buy and sell Chainlink (LINK) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Chainlink (LINK) is available on Bittime with the market pair LINK/IDR . To be able to buy IDR LINK on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Chainlink (LINK) on Bittime .
Monitor price chart movements of Chainlink (LINK) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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