The new trading month on the LINK market starts with great ambitions. In January, the LINK price rose more than 2 times, setting a new historical high of $25.78. Trading volumes are also commendable, as they reached the level of August 2020. And we remember well what happened to the cryptocurrency projects in August, which belong to or are related to the DeFi ecosystem. The closing of the month candle near the historical high shows the strength of buyers and good growth prospects for LINK in February. If we consider the situation in a smaller timeframe, we see that after the attempt of buyers to break the trend line up on 17 January, the LINK price went to correction. Buyers kept the critical range of $16.4-$17.4 By the way, we wrote about this scenario in the previous article, and buyers coped with this blow. Sellers failed to break the critical range of $16.4-$17.4. The touch of the LINK price to this range on 22 January provoked a powerful counterattack of buyers. With a help of it, they updated the previous local high. This price rallies by 40% for 2 days was supported by high volumes, which indicates a continuation of buyers’ trend. However, the same LINK liquidity zone of $23.7-$24.7 did not allow continue the growth impulse. To keep up the pressure on this range, it is important for buyers to keep the mark of $22 under their control. This mark is the lower limit of consolidation, which buyers set out to break the range of $23.7-$24.7: Nevertheless, the loss of this mark will threaten the price re-fall to the range of $16.4-$17.4. Though, given buyers’ weakness at historical highs and low trading volumes during the try to seize the initiative from buyers, the probability of continued growth to the range of $36-$40 is higher. Let’s see if the BTC price correction continuation will break the plans in the LINK market. So, after sharp growth in the BTC market on 29 January, the situation is still ambiguous.
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