Is Chainlink (LINK) Getting Bullish or Will the Bear Dominate? Analysis Company Publishes Technical Analysis

Cryptocurrency analysis firm MakroVision has released its new technical assessment for the Chainlink (LINK) price. The report argues that LINK is still in a downtrend and is retesting a critical support area.

It is stated that the reaction to this level may play a key role in determining the direction of the price.

The red trend line used in the technical analysis of the analytics company continues to work as a dynamic resistance and there is no signal of a structure change so far. LINK price is at the intersection of the horizontal support in the range of $ 12.60–12.90 and the green ascending trend line.

However, according to the analyst firm, the $12.60-$12.90 range is a strong support area that has been tested many times before. Breaking this level could lead to a continuation of the downtrend. However, if the support holds, a short-term recovery and a higher low are possible. If the support is broken, the next strong support area stands out as the $10.80-$11.00 band.

On the resistance side, according to MakroVision, the $16.60–$17.20 range is considered the critical resistance area for a possible trend reversal. If this area is exceeded, a medium-term bullish momentum could be triggered.

Technical analysis chart shared by the analytics company.

*This is not investment advice.

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