Chainlink Faces Critical Price Levels as Analysts Predict Potential Breakout

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.

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.

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.

READ MORE:

Strategy Boosts Bitcoin Holdings to Over 500,000 with Latest Acquisition

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.

Alexander Stefanov