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Is Chainlink (LINK) Price Recovering, Or Is The Rally Just A Technical Outlook? Analytics Company Shares Highly Critical Price Zones

Is Chainlink (LINK) Price Recovering, Or Is The Rally Just A Technical Outlook? Analytics Company Shares Highly Critical Price Zones

Cryptocurrency analysis firm MakroVision has shared a critical assessment of Chainlink (LINK) in its latest technical analysis report. The company shared that LINK has rebounded from a key support point, but the resistance zones ahead are still challenging levels to overcome. According to the analysis, the LINK price gave a clear reaction by finding support on the green trend line located in the $10.7-$11 band. The upward movement that started from this level allowed the price to recover dynamically. However, analysts question whether this movement is sustainable. MakroVision highlighted two key resistance zones in the short term: $12.9 – $13 band: A strong break of this level is seen as the first sign that will support the bullish scenario. $16.6 – $17.3 range: This region, which has a high reaction potential, stands out as the next critical resistance point. Related News: Here are the Altcoins Developers Focused on the Most in the Last 30 Days, There Are Surprises - Here's the List According to the analytics firm, breaking these two levels could signal a clear bull market in the technical outlook. The analysis noted that the price is still below the red downtrend line. An upward break of this trend line could be the first signal of a possible trend reversal. Otherwise, it was commented that the current move is only a short-term technical recovery. MakroVision’s assessment concludes with the following statement: “Although Chainlink appears to have strengthened in the short term, this move may remain a mere technical reaction unless the red downtrend is overcome. In particular, a price drop below $11 again will weaken the current structure.” Chainlink (LINK) technical outlook chart shared by MakroVision. *This is not investment advice. Continue Reading: Is Chainlink (LINK) Price Recovering, Or Is The Rally Just A Technical Outlook? Analytics Company Shares Highly Critical Price Zones

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