MakroVision Has Identified Crucial Levels That Could Influence Chainlink (LINK) Price Movement

After peaking locally in December, LINK saw significant selling pressure, but a new market structure is emerging, hinting at a potential shift in momentum.

output: As the cryptocurrency market continues to be closely monitored by analysts, attention has fallen on MakroVision, a renowned crypto analytics firm, and its latest insights into Chainlink (LINK).

Having reached a local peak and encountered substantial selling pressure following December’s highs, LINK is now displaying a new market structure that could be pivotal in determining the token’s fate.

According to MakroVision’s analysis, a breakdown of key price zones could be crucial for traders to watch.

The firm noted that the $16.5 to $17.3 area is one to keep an eye on as the token tests previous support levels and the downtrend line. Staying above this zone might favor the bulls, setting the stage for a potential move toward the $20.2 to $21.7 range.

This zone acted as a major resistance level during the previous market cycle, and breaking above it could be a significant development, potentially pushing LINK into a higher price band.

However, if sellers manage to push the token below the $12.6 level, it could spell trouble, as this zone closely follows the uptrend line from the March 2022 lows.

A bounce off this level from below might favor the buyers and increase the chances of seeing a continuation of the positive trend that began last December.

At the time of writing, LINK is trading at $14.34. The coming days will be crucial in determining whether the token remains range-bound or manages to break through key resistance levels and 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.