Chainlink Plunges 17%—Here’s the One Move That Could Spark a Stunning Comeback
Another key metric, the MVRV ratio, also dropped with the Chainlink price, showing that holders were sitting on less profits than before.
The token movements highlighted earlier pointed to steady profit-taking in recent weeks. The threat from profit-taking activity to the price might be at an end as the MVRV approaches zero.
Can bulls reclaim control at $15.5?
Source: LINK/USDT on TradingView
The strongest argument for a Chainlink trend reversal was the price action of the past month.
Admittedly, the market structure was firmly bearish, and the RSI has fallen below neutral 50, at press time. The OBV was receding, and the evidence at hand showed bears were dominant.
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