Chainlink investors hoped that February would turn the tide for the market. Although that didn’t happen. From March there was therefore a lot of hope. However, investors were disappointed in the first five days of March when LINK invalidated the entire February recovery.
chain link clamped
It has now been ten months since Chainlink reached its peak. Interestingly enough, the $52.3 ATH was expected to be the new beginning of a successful journey.
Well, LINK embarked on a new journey, but not the one people were hoping for. Since May 2021, LINK has been stuck in a downward trend wedge. And it looks like it’s getting closer and closer to the endgame.
Although the altcoin has made multiple attempts to search for demand and rally. However, it did not witness an uptrend.
In particular, the lower trendline of $13.3 has proven to be a strong support level for the coin. Despite multiple retests, LINK managed to close above it each time.
On March 4, after a drop of 7.81%, Chainlink officially invalidated the 11% increase from February 28. Trading at $13.8, at the time of writing, the altcoin is getting closer to the end of the downward trend wedge. If LINK fails to break through the resistance and fall through the support, investors could face a lot more trouble.
In particular, some 16,600 investors have not breathed a sigh of relief since May. These investors bought their positions around the ATH price levels and have suffered ever since.
It should be noted that 66% of all investors are currently making losses. Of which 16,600 addresses have very little chance of witnessing a recovery. LINK would need to rise 277.34% to recover from these losses.
However, given the prevailing market conditions, it seems almost impossible at the moment. (ref. Chainlink Price Promotion image)
Regardless of the price performance, Chainlink always impresses its investors on the development front. It continues its string of support and development of crypto projects.
In one such case, on March 4, the layer-2 cross-chain solution FilSwan was awarded the Chainlink-Filecoin grant.
With this grant, FilSwan will “create a multi-chain data storage solution that will allow smart contracts on Polygon to pool funds for the storage of data on Filecoin/IPFS.”
Interestingly, this is reassuring that Chainlink is committed to developing the crypto space. This can be beneficial to the price of LINK in the long run.
This post With 16,600 addresses lost, Chainlink’s chances of recovery are estimated at 277.34%
was published first on https://ambcrypto.com/can-chainlink-recover-by-277-34-to-save-these-16600-investors/