Chainlink Price Analysis – September 01
The price will increase to $19.4 and $22.4 price level provided the resistance level at $16.4 does not hold. In case, the bears defend the $16.4 level, the price may decrease to $11.9 and $8.7 support level.
Resistance levels: $16.4, $19.4, $22.4
Support levels: $14.0, $11.9, $8.7
The coin finally breaks out of the symmetrical triangle chart pattern formed in the daily chart last week. The price was consolidating within the triangle for many days. On August 29, the buyers gathered enough momentum, and a daily candle pattern formed to break up the upper trend line of the triangle. This scenario led to an increase in price above the resistance level at $16.4. The bulls’ pressure could not sustain the price, thereby, the price decreases to $16.4 level.
There was a fake price breakout that took place at the upper side of the triangle. It is trading above the two EMAs and the relative strength indicator period 14 is bending up at 50 levels to indicate a buy signal. The price will increase to $19.4 and $22.4 price level provided the resistance level at $16.4 does not hold. In case, the bears defend the $16.4 level, the price may decrease to $11.9 and $8.7 support level. Place Buy Stop at $17.05, Stop at $14.71 and Take Profit at $18.99.
Pairing Chainlink (LINK) with BTC, the coin is on the ranging zone. The ranging movement is not over in the LINKBTC market. The crypto increases towards the resistance level at 159761 SAT but the bears interrupted the bullish movement and the price is decreasing at the moment.
Breaking above the resistance level at 159761 SAT will increase the price to 203030 SAT and above. Likewise, breaking below the 120630 SAT will decrease the price to 922430 SAT and below.