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Chainlink was approaching an important zone of demand for $ 15.5. The activity of the profit did not stop, but the metrics showed that this sales threat should be reduced. Will it be enough to stop the recovery of $ 19.5?
Chainlink [LINK] Prices from July 28 fell by 17.2%. This rectance came together sa Bitcoin [BTC] Price drop of 4.9% of $ 119.8,000 to $ 113.6,000.
However, the on-thee and technical signals indicate that the worst of Retraceos may end-but reflection is not yet guaranteed.
The distribution phase has been taking place in the last ten days
Data from Santiment showed that the wave of profit for connection can be at the end.
Source: Single
The gingerbread circulation saw on 1 August considerable tip. He signaled the increased movement of the token on the chain and generally the result is an increased sales activity.
It came along with a price drop by 5.08% per day.
Meanwhile, the average age of coins (90 days) -The has been a trend of higher-the last two weeks have been steadily declining. This decline is in line with the view of the wider network distribution.
Another key metric, the ratio of the MVRV, also fell with the price of chain tide, which shows that the holders sat with less profits than before.
The token movement emphasized previously pointed to permanent profitable implementation in recent weeks. The threat of activity to achieve profit up to the price can be at the end, as it is close to zero.
Can Bulls get back check for $ 15.5?
Source: Link/USDT to TradingView
The strongest argument for reversing the trend of the chain outflow was the price event in the last month.
It is true that the market structure was firmly bearish and RSI dropped below the neutral 50, at the time of the press. The giant retreated, and the evidence that was at hand showed that the bears were dominant.
If Chainlink had a bull reaction, it would probably come from the $ 15.5 demand zone. In the second week of July it was an important zone where prices were briefly consolidated before they raced higher.
It also has a confluence from a 50 -day gliding average. The fixed range profile from the beginning of July showed that the low value area (dotted blue) was $ 15.7.
Merchants can pay attention to bitcoins to provide traces to reverse the link trend.
