Chainlink Rally at Risk? Critical Resistance Levels Could Decide
Chainlink’s recent price rebound has caught the attention of analysts at MakroVision, who caution that the move may not yet mark a full-scale turnaround.
While the token has shown resilience by bouncing off a key support area, the road ahead is lined with significant technical hurdles.
The latest review from the analytics firm points to a notable bounce between $10.70 and $11.00, where LINK found firm footing along a rising support trend. The resulting upward momentum sparked optimism, but analysts remain wary about its durability unless further confirmation arrives from price action.
For any bullish case to gain traction, LINK needs to clear two major resistance zones, according to the report. The first lies around $12.90 to $13.00—cracking that range could suggest growing buying interest. The second, a more formidable barrier between $16.60 and $17.30, is seen as the critical level that could shift market sentiment firmly in favor of the bulls.
MakroVision also pointed to a lingering technical obstacle: a long-standing downtrend marked by a descending resistance line. The price remains stuck below this line, and without a decisive breakout, the recovery may be little more than a temporary bounce rather than the start of a trend reversal.
Analysts warn that if LINK slips back under the $11 threshold, it would undermine the current setup and could signal renewed weakness. Until a breakout occurs, the market remains in a wait-and-see mode, with short-term gains offering no guarantee of sustained upward movement.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
