Chainlink (LINK) Surges 15% From $11 Support, Eyes $17 Resistance

Cryptocurrency analytics firm MakroVision has provided a technical assessment of Chainlink (LINK) price action, noting that LINK is showing an upward reaction from its strong support area at around $11, which it interprets as the first positive signal. Last week, LINK retested the old downtrend channel 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 rise above the $12.70 level, pointing to a possible V-bottom formation and carrying a bullish signal. According to analysts, the $12.60-$12.90 range is being followed as a new support zone in the short term.

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. The analysis firm also highlighted the importance of protection levels for investors. These levels are crucial for managing risk and ensuring that investors can capitalize on potential price movements without exposing themselves to excessive risk. The firm emphasized the need for investors to set stop-loss orders at strategic points to protect their investments in case the price fails to break above the downtrend channel.

Chainlink (LINK), a decentralized oracle network, has been under scrutiny by analysts who are closely monitoring its price movements and potential future targets. The next critical step for Chainlink is for its price to break above the blue downtrend channel. If this breakout occurs, the $16.50-$17.30 range is identified as the new target for the cryptocurrency. This range is seen as a significant resistance level that, if surpassed, could indicate a bullish trend for Chainlink. The analysis firm's recommendations are based on a thorough analysis of the cryptocurrency's price history and technical indicators, providing investors with a clear roadmap for navigating the volatile cryptocurrency market.