#Chainlink Correcting After 40% Surge, Resistance at $7.50
Past Performance of Chainlink
Chainlink prices are solid when writing, looking at the daily chart. In January, LINK prices soared roughly 40 percent, finding intense liquidation at around $7.50. For the uptrend to take shape, buyers should force the coin above this week's highs, reversing losses of January 30, ideally with expanding volumes.
#Chainlink Technical Analysis
Chainlink is technically bullish at spot rates. Despite the correction of January 30, the bearish engulfing bar had relatively light trading volumes, a net positive for prices. The failure of bears on January 31 to further force prices lower might indicate support, validating the uptrend. Even so, there could be more opportunity for buyers should there be gains above $7.45, nullifying the bear trend following the correction from this week's highs. Suppose LINK holds above $6.23 and $6.57 support levels. In that case, buyers might find an opportunity to accumulate, aiming for $7.50 and later $9.4 in a buy trend continuation pattern.
What to Expect from #LINK?
Buyers are confident, but the dip on Monday somewhat forced liquidation from weak hands. In the days ahead, buyers must overcome immediate resistance levels and hold prices above crucial support lines for the uptrend to remain valid.
Resistance level to watch out for: $7.50
Support level to watch out for: $6.57
Disclaimer: Opinions expressed are not investment advice. Do your research.
Chainlink prices are solid when writing, looking at the daily chart. In January, LINK prices soared roughly 40 percent, finding intense liquidation at around $7.50. For the uptrend to take shape, buyers should force the coin above this week's highs, reversing losses of January 30, ideally with expanding volumes.
#Chainlink Technical Analysis
Chainlink is technically bullish at spot rates. Despite the correction of January 30, the bearish engulfing bar had relatively light trading volumes, a net positive for prices. The failure of bears on January 31 to further force prices lower might indicate support, validating the uptrend. Even so, there could be more opportunity for buyers should there be gains above $7.45, nullifying the bear trend following the correction from this week's highs. Suppose LINK holds above $6.23 and $6.57 support levels. In that case, buyers might find an opportunity to accumulate, aiming for $7.50 and later $9.4 in a buy trend continuation pattern.
What to Expect from #LINK?
Buyers are confident, but the dip on Monday somewhat forced liquidation from weak hands. In the days ahead, buyers must overcome immediate resistance levels and hold prices above crucial support lines for the uptrend to remain valid.
Resistance level to watch out for: $7.50
Support level to watch out for: $6.57
Disclaimer: Opinions expressed are not investment advice. Do your research.
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