Chainlink Price Analysis – July 31
Chainlink clears the local resistance at $7.65 but the recovery may be extended towards the resistance created by $8.
Resistance levels: $9.0, $9.2, $9.4
Support levels: $6.0, $5.8, $5.6
According to the daily chart, LINK/USD is comfortably sitting in the hands of the bulls. The technical indicator stochastic RSI, for instance, is currently in the oversold for the first time since mid-July. The buyers seem to be losing traction due to the lack of enough volume needed to sustain gains to $8. Meanwhile, the more the price delays the spike above $8.00, the stronger the sellers become.
On the bright side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the RSI and the MA.
On the downside, a move below $7.0 may increase the short-term selling pressure while the next supports may come at a psychological $6.0, $5.8, and $5.6. Meanwhile, any further bullish movements may reach the next resistance at $9.0, $9.2, and $9.4 levels
Against Bitcoin, the market price remains within the ascending channel for a while now, currently trading at 68361 SAT and expecting a break out above the 9-day and 21-day moving averages. Looking at the chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops, the next key supports may likely be at 52000 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 84000 SAT and above. According to the daily RSI (14), the market may continue the uptrend as the signal line moves above 46-level, which could give more bullish signals.