Chainlink (LINK) Investors Show Bullish Sentiment as Price Looks to Recover Losses
Chainlink (LINK) investors are acting bullish as the altcoin looks to reclaim losses following a recent price decline. With nearly 30% drop in price, LINK holders are determined to push for a recovery, evident in their actions to hold off selling.
According to data from IntoTheBlock, only 15% of active addresses holding LINK are currently in profit, while the remaining 85% are either at a loss or breaking even. In the last four days, close to 100,000 addresses have lost their profits, with over 50% of LINK holders currently in losses.
These investors are expected to continue pushing for price recovery in order to regain their profits, potentially driving Chainlink’s price back to key resistance levels. Currently trading at $14.54, LINK needs to breach through resistances at $14.62 and $15.69 to target a rise to $17, marking a 17% increase.
However, failure to breach these resistances could lead to a drawdown, limiting Chainlink’s price rise to $16. If bearishness intensifies and key support levels are lost, the bullish thesis for LINK may be invalidated.
As always, it’s important to conduct your own research and consult with a professional before making any financial decisions. Market conditions are subject to change, and this article should not be considered financial advice.
