Chainlink [LINK] dropped to a key support level – Will it hold?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionuptrend momentum was facing a crucial short-term blockade. LINK dropped sharply by 6% after hitting the above crucial selling pressure zone. Its value declined from $7.484, but the plunge stopped at $7.065.At press time, LINK’s value was $7.098 and could break a crucial support level in the next few hours if Bitcoin [BTC] fails to reclaim the $23.

However, a break above the $7.171 hurdle would invalidate the above bias. Such an upswing would tip LINK bulls to break above the bearish order block at $7.306 and retest the selling pressure area of $7.500.price action, especially along the $23.5K price level. Any drop below the level would tip LINK bears to devalue the asset in the short term, while a surge above it would push LINK’s value toward $7.306.

However, any decline in the active addresses would tip bears to devalue the asset. In addition, LINK’s sentiment had dropped sharply and turned negative, indicating that analysts were bearish on the asset. This could undermine bullish momentum in the short term. Nevertheless, short-term holders still pocketed gains, as evidenced by the positive elevation of 30-day MVRV. But a drop in LINK’s prices could eat away holders’ profits, thus worth tracking BTC price action to gauge the status of investors’ holdings.Subscribe to get it daily in your inbox.

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