Chainlink Price Analysis – September 1
The LINK price is trading within a long-term resistance level as a break above the channel could trigger a quick rally.
Resistance levels: $34, $36, $38
Support levels: $24, $22, $20
LINK/USD continues to follow the bullish movement as buyers take control of the market. Therefore, the 10.47% surge in volatility has leveled up trading prices at around the $29.52 resistance level. However, the Chainlink price remains above the 9-day and 21-day moving averages, waiting to break above the upper boundary of the channel.
Chainlink Price Analysis: Chainlink Ready to Add More Gains
The Chainlink price begins the new month with a new note as the coin spikes above the resistance level of $30. However, traders may see more climbs in the next few days as the coin may reach the resistance levels of $34, $36, and $38 as the bulls are taking control of the market. On the downside, the 9-day moving average at $25 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 moving averages, it could locate the critical supports at $24, $22, and $20. 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 as the signal line crosses above 60-level. However, at the moment, traders can say that the Chainlink market is following a bullish scenario.
LINK/BTC Market: Price Faces the Upside
When compares with Bitcoin, the LINK price is now grinding higher for the past few days, the price begins to ascend above the 9-day and 21-day moving averages and it is currently trading around 6071 SAT. Moreover, LINK/BTC is likely to cross above the channel as the technical indicator Relative Strength Index (14) confirms the bullish movement by crossing above 60-level.
Moreover, if the bulls keep the LINK price at the upside, traders can expect initial resistance at 6500 SAT. However, a higher resistance level could be located at 6600 SAT and above. On the contrary, if the sellers bring the market price beneath the 9-day and 21-day moving averages, we can expect critical support at 5200 SAT and below.