Chainlink (LINK) Technical Analysis by MakroVision

Cryptocurrency analytics firm MakroVision has provided a technical assessment of Chainlink (LINK) price action. The analysis reveals that LINK is experiencing an upward reaction from its robust support area around $11, which is interpreted as a positive indicator.

Key Insights

• Last week, LINK retested the former downtrend channel and the $11 support level. This overlap created a strong support cluster.
• The price’s upward movement from this level exhibited an impulsive rise above the $12.70 mark, suggesting a possible V-bottom formation and bullish signal.
• Analysts are monitoring the $12.60-$12.90 range as a new short-term support zone.

If LINK stays above this support area, short-term momentum may favor bulls. The critical next step involves breaking above the blue downtrend channel, with a target resistance area identified between $16.50 and $17.30.

This is not investment advice.