LINK don jump 17% reach $15.5 zone as metrics dey signal say e go bounce back
Chainlink (LINK) fall 17.2% last week, e start from $19.5 go key $15.5 demand zone. Dis move follow Bitcoin 4.9% drop from $119,800 reach $113,600. On-chain metrics dey show say profit-taking fit don almost finish. Santiment data show spike for Dormant Circulation on August 1 and drop for 90-day Mean Coin Age. MVRV ratio don fall near zero, mean say holders profit dey reduce. Technically, LINK RSI still under 50 and On-Balance Volume dey fall, na bearish momentum be dis. But $15.5 demand zone dey strong because of 50-day moving average and FRVP Value Area Low for $15.7. Traders suppose dey watch for more buying volume around $15.5 and Bitcoin rebound to confirm say reversal go happen.
Neutral
While LINK don drop 17.2% into strong $15.5 support zone and Bitcoin drop dey add pressure, on-chain metrics like Dormant Circulation and MVRV dey suggest say the selling wave fit dey end. Technical indicators still dey bearish, with RSI below 50 and OBV dey fall. The balance between tested demand zone and persistent negative momentum dey create uncertainty. Traders go need confirmation through increased buying at $15.5 and Bitcoin rebound before clear directional bias go show.