#Chainlink Recovers but LINK Must Clear $7
Past Performance of Chainlink
Chainlink prices are mixed when writing. Although they are bullish, there is a bearish engulfing pattern in the daily chart that may spook risk on traders. Nonetheless, LINK is within a bullish formation, with the current retracement possibly representing a retest. Accordingly, aggressive traders can take advantage of buying on dips in anticipation of more upswings.
#Chainlink Technical Analysis
In November, Chainlink fell 42 percent, and bulls are yet to bounce back from the sell-off. Despite the revival in the first half of January, the path of least resistance remains southwards. This is until LINK prices surge above $7.7 and December highs. Based on the current structure, conservative traders can wait for a breakout above $7 and this week's high, confirming buyers of last week, as a trigger for the next wave toward $7.7. Conversely, any loss pushing the coin below $6.10 and the middle BB will cancel out this bullish preview.
What to Expect from #LINK?
Traders are upbeat, and the buoyant BTC can lift LINK higher. Still, there must be confirmation in the daily chart. This will only change if losses of January 18 are reversed and the surge above $7 is with expanding volumes.
Resistance level to watch out for: $7
Support level to watch out for: $6.10
Disclaimer: Opinions expressed are not investment advice. Do your research.
Chainlink prices are mixed when writing. Although they are bullish, there is a bearish engulfing pattern in the daily chart that may spook risk on traders. Nonetheless, LINK is within a bullish formation, with the current retracement possibly representing a retest. Accordingly, aggressive traders can take advantage of buying on dips in anticipation of more upswings.
#Chainlink Technical Analysis
In November, Chainlink fell 42 percent, and bulls are yet to bounce back from the sell-off. Despite the revival in the first half of January, the path of least resistance remains southwards. This is until LINK prices surge above $7.7 and December highs. Based on the current structure, conservative traders can wait for a breakout above $7 and this week's high, confirming buyers of last week, as a trigger for the next wave toward $7.7. Conversely, any loss pushing the coin below $6.10 and the middle BB will cancel out this bullish preview.
What to Expect from #LINK?
Traders are upbeat, and the buoyant BTC can lift LINK higher. Still, there must be confirmation in the daily chart. This will only change if losses of January 18 are reversed and the surge above $7 is with expanding volumes.
Resistance level to watch out for: $7
Support level to watch out for: $6.10
Disclaimer: Opinions expressed are not investment advice. Do your research.
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