LINK Technical Analysis: Will the Correction Be Completed?
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In the weekly timeframe, we see that the LINK token price has been moving in the global growth channel since April 2019.
LINK Technical Analysis, Critical Point for Continued Growth Is in the Range of $19-$21.5
Starting from July 2020, buyers managed to break the middle line of the trend channel and move in its upper part until the end of June. This fact showed a clear dominance of buyers in the LINK market. At the moment, buyers are trying to regain control of the middle line of the global channel. An important factor in achieving this target is the control of the range of $19-$21.5. This global range stopped the rally on the LINK market in May 2020. At the time, there was DeFi projects hype, with which the Chainlink project was directly related as an oracle. In addition, this range withstood the first blow on 19 and 24 May:
Therefore, the range of $19-$21.5 is fully suited to the role of strong support for the growth trend that buyers are trying to generate in the LINK market.
Given the uncorrected growth wave in the LINK market, starting from 20 July, the probability that buyers will want to test for strength in the range of $19-$21.5 in the near future is quite high. In case of a successful test of this range, we expect the LINK price continues to grow with the first target of $32-$34. This mark will not be easy for buyers, because after breaking this range, the LINK price on 19 May fell by 40%.
The LINKBTC Chart Hints at the Beginning of a New Market Phase
The LINKBTC chart also tells us about the possibility of good growth potential:
In the LINKBTC chart weekly timeframe, we see that the range of 0.0004-0.00046 has stood again. In 2021, buyers repulsed three attacks in this range, showing great ambitions to continue the growth trend. Therefore, the end of 2021 in the crypto market may end on a positive note.