Chainlink Investors Face Profit-Taking Barrier as Altcoin's Surge Stalls

The price of Chainlink (LINK) has surged 20% following the Bitcoin halving, but now faces a critical barrier. Investors may start selling tokens as their profits increase, potentially triggering a price decline. Meanwhile, Mallconomy, a new project, offers a unique Browse-to-Earn Metaverse shopping experience tailored to Gen Z. The Mallconomy (WOOT) presale is live, providing an opportunity for investors to join a groundbreaking retail platform in the Metaverse.

Chainlink (LINK): Investors on the Brink of Profit-Taking as Crucial Barrier Looms

In the wake of Bitcoin's halving, Chainlink (LINK) has enjoyed a surge in value, outperforming Bitcoin itself with a notable 20% gain. However, as the altcoin approaches a critical juncture, a familiar impediment emerges, threatening to impede its progress.

Investors Eyeing Profits Amid Rising Supply

As LINK's price ascends, investors find themselves encroaching upon profit territory, an enticing prospect that may fuel a desire to sell their tokens. This potential for profit-taking is further augmented by a recent correction that has witnessed a decline in LINK's overall supply in earnings from 84% to 70%.

This 14% supply differential represents a substantial 82.18 million LINK, valued at approximately $1.3 billion. Currently, these coins have reverted to their pre-drop state. However, over the past two days, the proportion of profit supply has steadily increased, reaching 84% at the time of writing.

Profit-Taking Risks: Elevated MVRV Levels

Such dynamics could potentially trigger a sell-off, as investors seek to secure their gains and mitigate the risk of a potential downturn. Historically, LINK has exhibited corrective behavior when its 7-day MVRV (Market Value to Realized Value Ratio) reaches levels ranging from 8% to 15%, an indication of potential overvaluation. Currently, LINK's 7-day MVRV stands at 11%, placing it within this danger zone.

Short-term price movements within this range have consistently exhibited a downward trajectory, suggesting that a decline may be in the cards for LINK.

Chainlink (LINK) Forecast: Breaking the Barrier

Over the weekend, Chainlink's price climbed by 20%, reaching $15.45. However, directly above this level lies a resistance barrier that LINK has repeatedly attempted to overcome in the past, only to be met with failure.

The price is currently retreating from the $15.6 resistance, targeting support levels at $14.6 and $13.4. If LINK holders succumb to profit-taking this time around, the ensuing sell-off could drive the price down to the lower support level.

Conversely, a successful breakout and conversion of the $15.6 resistance into a support level could signal a recovery. The next critical resistance is situated at $18, which LINK can only reach upon breaking above $17, a development that would indicate a reversal of the bearish scenario.

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From Concept to Digital Reality: Mallconomy's Genesis

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Mallconomy: The Future of Retail

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