Chainlink Price Analysis – August 21
Sellers are facing the $14 psychological support level and aiming to hit the potential support levels at $11.9, and $8.7. At the upper side of the chart, the coin may face the resistance level at $16.4, $19.4, and $22.4 provided the demand level at $14.2 hold.
Resistance levels: $16.4, $19.4, $22.4
Support levels: $14.0, $11.9, $8.7
Since the beginning of August Chainlink has been soaring higher every day. It has seen a large percentage of gains through its increase against the dollar. The coin found resistance at $19.4. A bearish candle pattern called “Evening Star” emerged on August 16. The price started descending towards the demand level at $11.9 but the dynamic support of 21 EMA holds the price.
However, looking at the daily chart technically, LINK/USD is already in the hands of the bears as the technical indicator Relative Strength Index period 14 supports the bearish action with its signal line pointing downward at 50 levels. Nevertheless, sellers are facing the $14 psychological support level and aiming to hit the potential support levels at $11.9, and $8.7. At the upper side of the chart, the coin may face the resistance level at $16.4, $19.4, and $22.4 provided the demand level at $14.2 hold.
Comparing LINK with BTC, the increase in price was rejected at the resistance level 16670 SAT. The price is seen to be moving in between the 9 periods EMA and 21 periods EMA as a sign of an increase in bearish momentum. Meanwhile, if the price breaks down the demand level at 11850 SAT, then, the market may continue to experience a downward trend that could touch the nearest support level at 98000 SAT and below.
In case of Chainlink price could not cross below the 21 exponential moving averages, the coin may likely move towards the resistance at 14060 SAT and 16670 SAT. The indicator RSI periods 14 confirms that the market is moving down as a sign of sell signal