Chainlink may continue to experience an upward trend
Chainlink Price Analysis – August 14
sellers are facing the $8.8 psychological support level and aiming to hit the potential support levels at $8.1, and $7.5. At the upper side of the chart, the Chainlink may face the resistance level at $9.4, $10.0, and $10.6 provided the support level at $8.8 hold.
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LINK/USD Market
Key Levels:
Resistance levels: $9.4, $10.0, $10.6
Support levels: $8.8, $8.1, $7.5
NEO/USD Long-term Trend: Bullish
Since the beginning of August, Chainlink has been soaring higher every day. It has seen a large percentage of gains through its increase against the dollar. The coin found support at $6.0. A bullish candle pattern called “Bullish engulfing candle” emerged on August 05. The price started Ascending towards the resistance level at $9.4 but the price is observing pullback at the moment.
However, looking at the daily chart technically, LINK/USD is already in the hands of the bears as the technical indicator Relative Strength Index period 14 supports the bearish action with its signal line pointing downward at 64 levels which may be a pullback. Nevertheless, sellers are facing the $8.8 psychological support level and aiming to hit the potential support levels at $8.1, and $7.5. At the upper side of the chart, the coin may face the resistance level at $9.4, $10.0, and $10.6 provided the support level at $8.8 hold.
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NEO/USD Medium-term Trend: bullish
Consodering the LINK on the 4-hour chart, the price is bullish. The decrease in price was rejected at the support level $6.0. The price was seen to be moving above the 9 periods EMA and 21 periods EMA as a sign of an increase in bullish momentum. Meanwhile, if the price breaks up the resistance level at $9.4, then, the market may continue to experience an upward trend.
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In case of Chainlink price could cross below the $8.8 level, the coin may likely move towards the support at $8.1. The indicator RSI periods 14 confirms that the market is moving down as a sign of sell signal.
