Analytics firm MakroVision has conducted an analysis of Chainlink, highlighting key technical levels that could determine the token's next significant move.
Current Situation with Chainlink
After reaching a local peak in December, Chainlink faced significant selling pressure. However, a new structure is now forming on a broader time frame, suggesting a potential shift in momentum, according to the analytics firm MakroVision.
Key Technical Levels
MakroVision has identified key levels to watch in the LINK price: • $16.5 – $17.3: current test zone, aligned with previous support and intersecting with the downtrend line. • $20.2 – $21.7: a strong resistance area, a break above this level could open the way to LINK’s upper trading range. • $12.6: a key support level that marks the lower uptrend line. Holding this level could be a bullish sign.
Conclusion from the Analytics Firm
According to the analytics firm, Chainlink is currently at a crossroads balancing between structural support and a potential breakout. The range around $17 remains the key short-term turning point that could determine whether LINK continues its uptrend.
The research from MakroVision highlights the importance of current price levels for a potential trend change in Chainlink. However, investors should remember that this is not investment advice.
