Cryptocurrency analytics firm MakroVision has evaluated Chainlink (LINK) and outlined key technical levels that could determine the token’s next big move.
After reaching a local peak in December, LINK 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 analyst firm.
The analyst firm has identified the following as 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.
At the time of writing, LINK is trading at $14.34.
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.
*This is not investment advice.
Continue Reading: Chainlink (LINK) at a Critical Phase – Analytics Firm Shares What’s Needed for a Bullish Turnaround
Go to Source
Author: NixCoin