The cryptocurrency analysis company MacroVision shared its technical assessment of the price movement of Chainlink. The company noted that Chainlink
shows a bullish reaction from its strong support area around $11, which is interpreted as the first positive signal.
According to the analysis company, Chainlink re-tested the old downward trend channel (green) last week, along with a clear support level at $11. The overlap of these two technical elements formed a strong support group. The upward movement from this level continued with a sudden and strong rise above the $12.70 level. This situation indicates a potential V-shaped bottom and carries a bullish signal. According to analysts, the $12.60-$12.90 range is followed as a new short-term support area.
According to MacroVision analysts, if Chainlink remains above the $12.60-$12.90 area, short-term momentum may favor the bulls. The next critical step is for the price to break through the blue downward trend channel. If this occurs, the $16.50-$17.30 range will emerge as a new target resistance area.
Technical analysis chart from MacroVision.
*This is not investment advice.
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