- Chainlink has ascended to new all-time highs around $17.00 in the push for gains eyeing $20.00.
- LINK/USD is trading within a rising wedge pattern spells doom with a possibility for breakdown to $15.00.
Chainlink is arguably the best performing cryptocurrency in the market this August. It is giving major assets such as Bitcoin, Ethereum and Ripple a run for their money. For instance, at the time of writing, LINK/USD has surged over 27% to trade at $16.41. This follows a minor retreat from highs around $17.00. A bounce seems to be underway after the price embraced support at $16.00.
From Monday, Chainlink has been on an impressive journey of breaking key barriers. The bullish action has sustained incredibly well above the ascending trendline (forming part of the rising wedge pattern. The price has formed a good higher high and higher low pattern but with the upside limited by the rising wedge pattern, progress eyeing $20.00 could be jeopardized.
Effort and attention among the bulls are channeled towards breaking the resistance at $17.00. Perhaps with the hurdle in the rearview, LINK/USD will encourage more buying entries, thereby drawing nearer to the ultimate level at $20.00.
LINK/USD 15’ chart
Technically, upward momentum has lost its charm at the moment. The Relative Strength Index (RSI) is holding above the midline but struggling with movement towards the overbought (70). The MACD, on the other hand, is trending above the mean line (precisely at 0.2814). It features a minor bearish divergence (-0.025).
In other words, the path of least resistance is no longer to the upside. Instead, Chainlink is likely to focus on holding above the support at $16.00 in order to avert further losses to $15.00. Other support levels lie with the 50 SMA and the 100 SMA in the 15-minutes timeframe.
LINK/USD intraday levels
Spot rate: $16.18
Percentage change: -1.31 (on the day)
Relative change: -0.15
Trend: Bearish bias
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?