The cryptocurrency analysis firm MakroVision evaluated Chainlink and summarized the key technical levels that could determine the token’s next major movement.
After reaching a local peak in December, LINK faced significant selling pressure. However, according to the analytics firm, a new structure is now forming over a broader time frame, indicating a potential shift in momentum.
The analysis company identified the following important levels to watch for the LINK price:
- 16.5 – 17.3 dollars: The current testing area aligns with previous support and intersects with the downtrend line.
- 20.2 – 21.7 dollars: A strong resistance area, breaking above this level could open the way for LINK to its upper trading range.
- 12.6 dollars: An important support level indicating the upward trend line. Holding this level could be a sign of a bullish trend.
At the time this article was written, the LINK price is trading at $14.34.
According to the analysis company, Chainlink is currently at a crossroads balancing between structural support and a potential breakout. The range around 17 dollars continues to be a key short-term turning point that could determine whether LINK will continue its upward trend.
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