Chainlink Price Analysis – August 26
The breakout at the resistance level of $16.4 will increase the price to $19.4 and $22.4 price level. In case, there is a breakout at the support level of $14.0, the price may decrease to $11.9 and $8.7.
Resistance levels: $16.4, $19.4, $22.4
Support levels: $14.0, $11.9, $8.7
LINK/USD is bearish in the daily chart. The crypto has formed an asymmetrical triangle in the daily chart. The bulls are the controller of the LINK market for more than three weeks. The bullish momentum pushed up the price and it topped at $19.4 resistance level on August 15. The just mentioned resistance level holds and the price drop to $14.0 support level on August 21. The price ranging movement commences.
Price breakout can take place either side of the triangle chart pattern formed. The breakout at the resistance level of $16.4 will increase the price to $19.4 and $22.4 price level. In case, there is a breakout at the support level of $14.0, the price may decrease to $11.9 and $8.7. However, today’s market is bullish and the Relative Strength Index period 14 is above 50 levels with the signal line displaying buy signal. Place Buy Stop at $16.194, Stop at $13.48, and Take Profit at $19.39.
Chainlink (LINK) with BTC is on the ranging zone. There was no significant movement in the LINK/BTC market last week due to weakness in the Bulls’ and the Bears’ momentum. The price is range-bound within 14060 SAT and 12100 SAT levels.
Breakout is imminent; the breakout at the upper trend line of the triangle may lead the price to 16670 SAT and above while the breakout at the lower trend line of the triangle may drop the price at 98000 SAT.