MakroVision, a prominent crypto analytics firm, has recently analyzed Chainlink (LINK) and pinpointed crucial levels that could influence its price movement in the near future.
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After peaking locally in December, LINK saw significant selling pressure, but a new market structure is emerging, hinting at a potential shift in momentum.
The firm highlighted a few critical price zones for LINK to keep an eye on. First, the $16.5 to $17.3 area has become a pivotal point, as the token tests previous support levels while also interacting with the downtrend line.
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If LINK can hold above this zone, it could signal a potential bullish move. A break above the $20.2 to $21.7 range, considered a major resistance zone, might pave the way for further upward movement, potentially pushing LINK into a higher price bracket.
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On the downside, the $12.6 level serves as an important support level, marking the lower boundary of the uptrend. A bounce off this level could confirm a continuation of the positive trend.
Currently trading at $14.34, LINK finds itself at a critical juncture. The coming days will likely determine whether it remains stuck in a sideways range or if it breaks through key resistance levels to continue its upward trajectory. As things stand, the $17 mark seems to be the short-term threshold that could set the tone for LINK’s next move.
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Alexander Stefanov
