Latest data shows that Chainlink is trying to stabilize its price after a long-running downtrend. Investors are watching closely to see if this base can form a solid base for a stronger rise. Chainlink’s price is still well below its historical peak, but the recent recovery has brought support and resistance points and potential breakout levels back to the agenda.
Long-term base strengthens
Market analysts state that a long-term bottom test stands out in Chainlink’s price movement. In the chart data, it is seen that two target levels attract attention before the price moves upwards. One of these levels stands out at $25.52 and the other at $47.96. Although these points are above current prices, they are shown as potential targets as long as support remains persistent.
In his assessment on his social media account, Don Wedge stated that Chainlink is in a very important update phase. He stated that the price is moving within a wide blue support area that has worked as a bottom many times before. Graphics; It shows that repeated falls result in attempts to recover after touching the same area. This shows that investors are focusing on whether Chainlink creates a solid base in the long term.
Signs of recovery in the short term
Latest data on the market indicated that Chainlink found buyers in the short term, despite the recent decline. LINK has fallen by 83.55 percent since its peak of $ 52.70 on May 10, 2021. However, the price’s approach to the upper region of the daily range again allowed it to technically remain above the critical support area.
According to on-chain data and market reports, Chainlink was at $8.67 during the day and increased by 1.78 percent in the last 24 hours. In the charts, the lowest level was 8.29 dollars and the highest level was 8.70 dollars; This indicates a recovery of $0.41 in a short time. While the market size was recorded as 6.13 billion dollars, the transaction volume reached 270.97 million dollars. The amount of LINK in circulation was stated as 708.10 million.
Technical indicators highlight new resistances
Looking at the technical data; The MACD indicator remained weak in the short term, but does not indicate an overly negative picture. The MACD value is at -0.12, while the signal line is around -0.06 and the histogram is around -0.06. These data indicate that the momentum remains unstable despite the daily rise.
The support level lies between $8.30 and $8.40, while the resistance point starts at $9.07; Then, $9.83 stands out as the next important resistance.
According to TradingView data; LINK/USDT parity opened at $8.42 during the day, peaked at $8.92, bottomed at $8.40 and finished the day at $8.87. This closing indicates an increase of 5.34 percent during the day. According to Bollinger Bands, the upper band is at $9.83, the middle band is at $9.07, and the lower band is at $8.30. Although the price action has improved, the first significant resistance has not yet been overcome, as the closing price occurred below the middle band.
