Chainlink (LINK) may be entering a new bullish phase after bouncing from a historically strong support level, according to a fresh market read by research firm MakroVision.
The cryptocurrency recently revisited the $11 zone—an area that has previously served as a price floor—and posted a sharp upward reaction, hinting at renewed buyer interest.
The firm highlights that LINK revisited a major technical convergence point last week, where its long-standing descending channel intersected with the critical $11 level. This overlap created what analysts describe as a “demand cluster,” triggering a swift reversal in price that pushed LINK past the $12.70 mark. The nature of the move, described as impulsive and sharp, is raising the possibility of a V-shaped bottom forming on the chart.
Short-term price action now appears to be stabilizing within the $12.60 to $12.90 range, which is being closely monitored as a new potential support zone. Analysts say holding above this band could provide the momentum needed for further gains.
MakroVision notes that LINK must now overcome another major hurdle: breaking out of its larger downtrend channel. Should bulls manage to flip that structure, the next key resistance area is projected between $16.50 and $17.30—levels not seen in recent weeks.
While not yet a confirmed trend reversal, the recent surge in LINK’s price may signal a shift in market sentiment. If the token maintains support above $12.60, technical momentum could tilt in favor of buyers as summer trading unfolds.
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.
Source: https://coindoo.com/market/chainlink-rebounds-from-key-support-zone-analysts-eye-bullish-reversal/