Chainlink Price Analysis – August 14
After a period of bullish movement, the Chainlink bears take full control of the market today lowering the price from $to $26.37 support.
Resistance levels: $33, $35, $37
Support levels: $23, $21, $19
LINK/USD keeps trading above the 9-day and 21-day moving averages as the coin begins to drop below the upper boundary of the channel. However, as the market opens today, the bulls fail to push the coin above the resistance level of $27.96 to hit the $28 as it begins to show a sign of downward movement which may continue to cause a tremendous drop as the price breaks toward the 9-day moving average.
Chainlink Price Analysis: The Chainlink Bulls Await Correction
The Chainlink price is likely to follow the bearish movement as the technical indicator Relative Strength Index (14) moves below 70-level which is yet to confirm the downward movement. Therefore, if the LINK/USD pair continues to stay under the control of bears, the price may roll back to the previous supports of $23, $21, and $19. On the upside, crossing above the upper boundary of the channel may cause the traders to expect the next resistance levels at $33, $35, and $37 respectively.
LINK/BTC Market: Price Keeps Moving Sideways
When compares with Bitcoin, the Chainlink (LINK) is bearish as the daily chart reveals. The market price may follow the sideways movement on the chart. Today, the coin touches the low of 5687 SAT where bulls could not push the price towards the upper boundary of the channel. Meanwhile, a bullish movement could keep the coin above the 9-day and 21-day moving averages and further bullish movement could locate the resistance level at 6500 SAT and above.
However, looking at the technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are likely to put pressure on bulls as the signal line remains below 60-level. Meanwhile, if the bears continue to regroup and strengthen the market, the LINK price may begin a downtrend which could bring the price to the support level of 5200 SAT and below.