Chainlink Price Analysis: LINK/USD Breaks Out; Aims for Recent Highs
Chainlink Price Analysis – September 14
The Chainlink price is trading below the moving averages, a breakout above this barrier could trigger a rapid increase.
Resistance levels: $32, $34, $36
Support levels: $23, $21, $19
LINK/USD is now resuming the bullish continuation as the buyers gain control of the market today after touching the support level of $26.12. The 1.70% surge in volatility is leveling up the trading price to touch the resistance level of $28.25. However, the Chainlink price is seen trading below the 9-day and 21-day moving averages.
Chainlink Price Analysis: Chainlink Price May Move Sideways
As reveals on the daily chart, the Chainlink price has been trying to increase since a few days ago. Therefore, traders may see more climbs in the next few positive directions if the coin trade above the 9-day and 21-day moving averages to hit the resistance levels of $32, $34, and $36 respectively. Once this is done, it is likely for the bulls to start taking care of the market.
On the downside, the 9-day MA is making an attempt to cross below the 21-day MA and once this comes to play, the market may start going down. In the meantime, if the Chainlink price drops below the current market level, the $26 level below the lower boundary of the channel could provide support for a possible bearish retracement.
But if not, the coin may further test the $23, $21, and $19 supports. According to the technical indicator Relative Strength Index (14), the signal is moving around 50-level which could determine the next direction that Chainlink may follow.
LINK/BTC Market: Price Trades Within Moving Averages
Against Bitcoin, Chainlink (LINK) has been moving sideways as the market price trades at 5983 SAT. The Chainlink price is now contained within the channel as traders expect the bulls to hopefully push the market higher but at the time of writing, the Relative Strength Index (14) moves around 50-level.
However, if the bulls push the price above the 9-day moving average, traders can expect initial resistance at 6300 SAT. Above this, higher resistance lies at 6500 SAT and above. On the contrary, if the sellers push the market below the 21-day moving average, the market may hit the critical support at 5500 SAT and below.