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Cryptocurrency analytics firm MakroVision has shared its technical assessment of Chainlink (LINK) price action. The company noted that LINK is showing an upward reaction from its strong support area at around $11, which it interprets as the first positive signal.
According to the analyst firm, last week LINK retested the old downtrend channel (green) and the obvious $11 support. The overlap of these two technical elements created a strong support cluster. The upward movement from this level continued with an impulsive (sudden and strong) 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 followed as a new support zone in the short term.
After that, 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.
*This is not investment advice.