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Technical Analysis for LNKUSD for 1st February 2023

Chainlink Correcting After 40% Surge, Resistance at $7.50

Past Performance of LINK

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.

LINK 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: $7.50

Support level to watch: $6.57

Disclaimer: Opinions expressed are not investment advice. Do your research.

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