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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.