Chainlink Price Analysis – September 7
For Chainlink’s downward trend, the dip is likely to worsen because of a recent decline in the use of the Chainlink network.
Resistance levels: $17, $19, $21
Support levels: $8, $6, $4
LINK/USD like many other top cryptocurrencies, is trading on the negative side. The current pullback has been across the board and the 5th largest cryptocurrency is taking a strong hit as well. Currently trading at $12.11, it has dropped from just under $13 and hovers around $12.8 for a while before this major drop.
Where is Chainlink Price Going Next?
On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $8, $6, and $4. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $17, $19, and $21 levels.
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.
LINK/BTC Market: Bears are flexing their Muscles
Comparing with Bitcoin, the market price remains within the descending channel, for now, currently trading at 1175 SAT breaking below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may end up dominating the market.
However, if the market drops more, the next key supports may likely be at 9500 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel and towards the resistance level of 1500 SAT and above. According to the daily RSI (14), the market may continue the downtrend as the signal line nosedives below 50-level.