Chainlink Price Analysis – July 31
LINK price is trading within a long-term resistance level; a break above the channel could trigger a quick rally.
Resistance levels: $28, $30, $32
Support levels: $18, $16, $14
LINK/USD continues to follow the bullish movement as the buyers gain control of the market. Therefore, the 2.7% surge in volatility has leveled up trading prices at around the $22.89 resistance level. However, the Chainlink price is seen hovering above the 9-day and 21-day moving averages, aiming to break above the upper boundary of the channel.
Chainlink Price Analysis: Chainlink May Add More Gains
The Chainlink price has been increasing since July 21. Therefore, traders may see more climbs in the next few days as the coin may reach the resistance levels of $28, $30, and $32 as the bulls are taking control of the market. On the downside, the 9-day moving average at $20 could provide support for a possible bearish retracement in case there is a retreat towards the south.
In addition, if the coin drops below the 21-day moving average, it could locate the critical supports at $18, $16, and $14. Meanwhile, as revealed by the technical indicator Relative Strength Index (14), the current buying pressure is clearly revealed towards the upper boundary of the channel. At the time of writing, traders can say the Chainlink market is following a bullish scenario.
LINK/BTC Market: Bulls Pushes the Price Upward
When compares with Bitcoin, the LINK price has been slowly grinding higher. After bottoming out around the 5169 SAT today, the price begins to slowly ascend and it is currently trading around 5564 SAT. However, the Chainlink price is likely to cross above the upper boundary of the channel as the technical indicator Relative Strength Index (14) confirms the bullish movement by crossing above 60-level.
Moreover, if the bulls stay above the upper boundary of the channel, traders can expect initial resistance at 6000 SAT. Above this, higher resistance lies at 6200 SAT and above. In other words, if the sellers push the market beneath the 9-day and 21-day moving averages, we can expect critical support at 4700 SAT and below.