bullish

Value

Resistance

Chainlink

<ul>
 <li>Chainlink's Price Struggles With Resistance at $12.35 amid fading bullish sentiment</li>  
 <li>Elevated NVT ratio indicates LINK may be overvalued compared to network activity.</li>  
 <li>A drop below $10.79 could lead to a decline, while holding could push above $13.00.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/polygon-chainlink-vechain-10x-potential/" target="_blank" rel="noopener noreferrer nofollow">Chainlink (LINK)</a> has been under the spotlight recently. The shift in sentiment among investors might spell trouble for the altcoin. Despite an earlier surge in price, bearish signals are emerging, suggesting a potential drawdown.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-shifting-sentiment-and-technical-indicators">Shifting Sentiment and Technical Indicators</h2>  
<p>Chainlink’s price has faced difficulties in surpassing the crucial resistance level of $12.35. Since late July, LINK has been buoyed by <a href="https://cryptonewsland.com/top-5-altcoins-to-buy-this-year-avax-link-ton-vet-and-atom/" target="_blank" rel="noopener noreferrer nofollow">strong bullish sentiment</a>.&nbsp;</p>  
<p>This optimism helped prevent significant losses and even pushed the price upward in mid-August. However, this positive outlook appears to be waning.&nbsp;</p>  
<p>The sentiment around LINK, although still above neutral, is on a decline. The <a href="https://academy.glassnode.com/indicators/nvt/nvt-ratio" target="_blank" rel="noopener noreferrer nofollow">Network Value to Transactions (NVT) ratio</a>, a key metric to evaluate an asset’s valuation relative to its transaction activity, is now at its highest point in nearly five years.&nbsp;</p>  
<p>This suggests that Chainlink may be overvalued compared to its actual network usage. Such an overvaluation could indicate the price is ahead of its fundamental value.</p>  
<h2 class="wp-block-heading" id="h-resistance-and-support-levels">Resistance and Support Levels</h2>  
<p>Currently priced at $12.00, Chainlink is testing the $12.35 resistance level. This level has previously acted as a bounce-back point, so reclaiming it as support is vital for a sustained upward trend.&nbsp;</p>  
<p>If <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">LINK</a> fails to hold this level, it might see a decline towards the local support at $10.79. A fall below this support could push the price down to $10.00, potentially erasing the recent 22% recovery seen in August.</p>  
<p>Despite these bearish signals, a bounce off the $10.79 support could lead to a breakout above $12.35. This would open the door for LINK to climb beyond $13.00, challenging the current bearish outlook. Investors should watch these levels closely as Chainlink navigates its next moves.</p> 
<p>The post <a href="https://cryptonewsland.com/chainlink-link-faces-crucial-resistance/" rel="noopener noreferrer nofollow">Chainlink (LINK) Faces Crucial Resistance: Is a Price Correction Imminent?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Chainlink (LINK) Faces Crucial Resistance: Is a Price Correction Imminent?

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