Chainlink (LINK) has dropped below the $18 support level, causing concern among traders about a possible decline to $12-$14. However, historical market data suggests that the cryptocurrency could be approaching a rebound phase. The Market Value to Realized Value (MVRV) ratio has reached a level that has previously led to price recoveries for LINK. The current price of LINK is around $17.76, and it has been in a downward trend since reaching highs of $28 in late 2020. Market analysts indicate that if LINK fails to reclaim the $18-$19 support zone, the next support zone is at $12-$14. The price is also below the 200-day moving average, indicating bearish sentiment. On-chain data suggests that LINK could be approaching its potential recovery range, with the MVRV ratio standing at -16.3%. The recent increase in selling volume confirms the presence of downward pressure in the market. The liquidation data shows that both long and short positions have been liquidated at different times due to price volatility and fluctuations. Technical charts indicate that LINK may trigger a market reversal, with the RSI and Money Flow Index showing oversold conditions. If LINK remains above the $17.50 support level, it has potential for price recovery between $20-$22. However, if it drops below this support level, the next significant support zone is at $12-$14.



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