Chainlink price action was no different than most of the other cryptocurrencies in the past two weeks. As the market crashed, LINK plunged too, but th
in the past two weeks. As the market crashed, LINK plunged too, but the altcoin was saved from witnessing a severe drawdown thanks to its investors, whose behavior might play a crucial role in initiating recovery going forward.Chainlink price has had a rather rough August, similar to the entire crypto market, as the cryptocurrency fell by 21.2% month to date. Trading at $6, LINK is keeping above a key support level marked at $5.9.
The opportunity zone is marked beyond -13%, and historically, at this point, investors tend to hold off any selling and instead switch to accumulation. This drives the demand higher and leads to a recovery in price. With the indicator around it at the time of writing, further decline would potentially trigger a similar momentum for Chainlink price.Regardless, LINK holders’ patience has been one of the biggest contributors to keeping the altcoin above $5.9.
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