MakroVision, an analytical firm, has shared its technical assessment of Chainlink (LINK), noting key support levels and potential market trends.
Support at $11
According to MakroVision, LINK is showing an upward reaction from a strong support area at around $11. This level is seen as the first positive signal.
Impulsive Movement and New Support Zone
Analysts noted that last week LINK retested the old downtrend channel and the $11 support level. The overlap of these two technical elements created a strong support cluster. The upward movement from this level continued with an impulsive rise above the $12.70 level. This situation points to a possible V-bottom formation and carries a bullish signal. According to analysts, the $12.60-$12.90 range is being observed as a new support zone in the short term.
Future Price Prospects and Goals
According to MakroVision analysts, if LINK stays above the $12.60-$12.90 area, the short-term momentum could be in favor of the bulls. The next critical step is for the price to break above the blue downtrend channel. If that happens, the $16.50-$17.30 range stands out as the new target resistance area.
In conclusion, the current price analysis of LINK by MakroVision suggests a potential for further growth, provided key support levels are maintained.
