The price of Chainlink (LINK) has experienced a significant decline, erasing most of its gains from August. The altcoin has fallen by 18% in just 12 days and is approaching a critical support level. Technical indicators, such as the Relative Strength Index (RSI), suggest bearish momentum and increased selling pressure. The Network Value to Transactions (NVT) ratio also indicates that the asset may be overvalued relative to its network activity. The decline in price coincides with the rise in the NVT ratio, highlighting a potential mismatch between investors' optimism and the asset's actual network usage. If the bearish trend continues, LINK could test the support level of $9.35. However, if investors adjust their activity and the coin reclaims the $10.79 support level, the downward trend could be reversed.
- Content Editor ( beincrypto.com )
- 2024-09-06
Chainlink’s Bearish Trends Intensify: 2 Key Indicators Signal Further Declines