Chainlink Price Analysis – August 30
Chainlink clears the local resistance at $17 but the recovery may not be extended above the resistance level of $18.
Resistance levels: $20, $21, $22
Support levels: $13.2, $12.2, $11.2
LINK/USD is comfortably sitting above the 9-day and 21-day moving averages. The technical indicator RSI (14), for instance, is currently above 60-level since August 22. The buyers seem to be gaining traction due to enough trading volume that is needed to sustain gains to $18. Meanwhile, the more the price delays the spike above $18, the stronger the sellers become.
What to Expect from LINK/USD
The technical indicator could continue the bullish session in the next few trading days. It is, however, not clear how long the session will last because, this month, both bullish sessions have been frequent. Therefore, it is important to watch the resistance levels coupled with the movement of other indicators like the RSI (14) and the moving averages.
On the downside, a bearish movement below the moving averages may increase the short-term selling pressure while the next supports may come at a psychological $13.2, $12.2, and $11.2. Meanwhile, any further bullish movements may reach the next resistance at $20, $21, and $22 levels
LINK/BTC Market: Remains Intact within the Channel
Against Bitcoin, the market price remains within the channel for a while now, currently trading at 1437 SAT above the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above the upper boundary of the channel, the bulls may come back into play.
However, if the market drops below the moving averages, the next key supports may likely be at 1180 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 1720 SAT and above. According to the daily RSI (14), the market may move sideways as the signal line follows the same direction above 60-level.