12 April, 2024

Chainlink (LINK) Faces Critical Resistance as MVRV 30 Day Surpasses 20%

02 Oct, 2023

02 Dec, 2023

In the ever-volatile world of cryptocurrency, Chainlink (LINK) has been lingering beneath a legendary resistance level for an astonishing 625 days. Every crypto enthusiast’s question is whether this extended stay below the resistance zone will finally give way to a breakthrough.

In a tweet by rutradebtc, Chainlink ($LINK) has spent 625 days below a legendary resistance zone, sparking curiosity about its future:

Data from Santimentfeed, a reputable source for crypto insights, unveils a compelling narrative. The last two instances when Chainlink’s MVRV 30D exceeded 19% ushered in steep corrections, shaking up the LINK market. This data-driven revelation underscores the tension that has been brewing within the Chainlink community. The prolonged stagnation below the resistance level may either be disrupted or continue to test the endurance of its faithful HODLers.

In a tweet by Ali, Chainlink’s MVRV 30D data suggests potential corrections as it surpasses 20%:

Crypto analyst Ali, who diligently monitors crypto trends, shares this vital piece of information. While the MVRV 30D surpassing 20% may indicate an impending correction, it could also be seen as a precursor to reaching higher highs. The crypto world is known for its unpredictability, and this could be a make-or-break moment for Chainlink.

Chainlink (LINK) is currently trading at $7.9062, reflecting a -2.73% decrease over the past 24 hours. It holds the 19th position in terms of market capitalization, with a total market cap of $4,402,590,705. The 24-hour trading volume for LINK is substantial, standing at $337,645,261, and it ranks 14th in terms of trading volume.

However, the sentiments from Alex, a prominent voice in the crypto sphere, are tinged with caution. The fact that LINK has clung to this resistance zone for over 600 days raises skepticism about an imminent breakthrough.

The world of cryptocurrency is never short of suspense, and Chainlink’s prolonged battle with resistance is no exception. For now, traders and enthusiasts are holding their breath, closely watching the charts, and speculating on the future of LINK.

Only time will reveal whether Chainlink is on the cusp of a groundbreaking move or if it’s destined to continue its dance with this legendary resistance zone. In the crypto arena, only one thing is certain – expect the unexpected.



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