<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-faces-challenges-with-current-price-trends/" data-wpel-link="internal">Chainlink Faces Challenges with Current Price Trends</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/chainlink-cok-sert-dustu-bu-dusus-nereye-kadar-gidecek" data-wpel-link="internal">Chainlink</a> (<a href="https://coin-turk.com/chainlinkin-potansiyeli-aciga-cikti-link-icin-bu-rakam-gundemde" data-wpel-link="internal">LINK</a>)</strong> currently faces downward directional problems and may respond by recording a price drop. This situation is very important for initiating a recovery that could help regain the recent losses recorded by the <a href="https://coin-turk.com/sektorun-onde-gelen-isminden-onay-geldi-1-dolari-asan-bu-altcoin-2-dolara-kosuyor" data-wpel-link="internal">altcoin</a>. Investors are showing short-term pessimism consistent with the predicted outcome for <a href="https://en.coin-turk.com/the-impact-of-whales-on-the-future-of-chainlink/" data-wpel-link="internal">LINK</a>‘s price.</p> 
<h2 id="link-s-network-growth">LINK’s Network Growth</h2> 
<p style="text-align: justify">The recent correction in the cryptocurrency has eliminated the incentive for new investors to join the <a href="https://en.coin-turk.com/technology-firms-increasingly-collaborate-with-crypto-the-chainlink-and-paypal-case/" data-wpel-link="internal">Chainlink</a> movement. This is clearly seen in the network growth, which has fallen to its lowest level of the year. Network growth is calculated based on the rate of new address formation on the network. These data determine whether a project is losing its traction in the market.</p> 
<p style="text-align: justify">Considering how low Chainlink’s network growth is, it seems unlikely that LINK will attract new users at this time. This situation could negatively affect the token’s price. Secondly, LINK is currently quite undervalued in terms of the ratio of market value to realized value (MVRV), but this is a development towards an upward trend.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-347044 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/LINK.jpg" alt="" width="847" height="286"></p> 
<h2 id="current-link-data">Current LINK Data</h2> 
<p style="text-align: justify">The MVRV ratio measures the profit/loss of an investor. Chainlink’s 30-day MVRV at -16% indicates losses and potentially leads to accumulation. Historical data suggest that LINK’s price recovery occurs at -7% and -17% MVRV levels, thus defining this area as an opportunity zone. However, there is still some room for LINK investors to initiate a recovery by purchasing the token. At the time of writing, the LINK price, trading at $12.7, is below the $13.2 support level. This is a critical level because it corresponds to the 23.6% Fibonacci retracement.</p> 
<p style="text-align: justify">If LINK falls below the $12.7 support, further decline could be likely. Considering market conditions, LINK could potentially drop to $11.7 before recovering. However, if the $12.7 support remains unbroken and Chainlink reclaims the 23.6% Fibonacci Retracement as support, it could initiate a recovery. This situation could invalidate the bearish thesis and enable a rise to $14.8 and above.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-faces-challenges-with-current-price-trends/" data-wpel-link="internal">Chainlink Faces Challenges with Current Price Trends</a></h5>

Chainlink Faces Challenges with Current Price Trends

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