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Market Analysis

Chainlink Technical Analysis – $2 Support Continues To Hold

With the market in a relatively consolidators phase, Chainlink looks to have looks a lot of bullish momentum seen recently after strong positive fundamental announcements. The $2.02 daily support level has held firm and the bulls will be looking to use this psychological level to gain momentum. This level was first tested in mid-July and we have seen multiple wick rejections since.

We could be very much in the midst of an accumulation phase, with buyers acquiring tokens in preparation for an eagerly anticipated Altcoin season. With strong fundamentals and expected further parnterships to be announced, Chainlink still remains a very attractive project. Should bulls manage to finally break out of this accumulation phase, the descending trend line would hold the first real level of resistance, currently around the $2.40 level, should this occur, then $3 should follow in relative quick succession.

However, if the bears manage to break the $2.02 level, the next support level can be found at $1.80.

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