LINK Down 21%, But Fundamentals Stay Strong — Will Oracle Demand Spark a Bounce?
Chainlink's token has seen a significant drop, falling by 21%. Yet, the project's core strengths remain robust. This article dives into how the need for reliable oracles could ignite a recovery. Discover which cryptocurrencies might be poised for growth and why Chainlink's fundamentals could signal a coming bounce.
Chainlink's Price Dips: Is a Bounce-Back Possible?
Source: tradingview
Chainlink (LINK) currently trades between around $21 and $23 after a recent dip. In the past week, LINK dropped over 21%, contributing to a month-long decline of nearly 25%. Despite this, the price has surged over 40% in the last six months. The nearest resistance sits a bit above $24, and clearing it could push values toward the $26 mark. On the downside, support at approximately $20 protects against further losses. With an RSI of nearly 36 signaling it's not oversold just yet, there's room for potential growth. If the price climbs to the second resistance, it could represent a bounce of around 20% from the lower end of the current range.
Conclusion
LINK has dropped 21%, but its core elements remain strong. The demand for oracles could lead to a recovery. As oracles continue to be crucial for blockchain projects, LINK's role appears essential. Future interest and integration could help reverse the current trend. The ongoing need for reliable data feeds may boost LINK’s value.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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