Price Analysis View Non-AMP

Chainlink Price Targets $20 After SEC and White House Nod?

Published by
Shrishesh Tanksalkar

Chainlink price is making headlines once again, this time underpinned by regulatory optimism and strong technical recovery. Thanks to its Cross-Chain Interoperability Protocol (CCIP), Chainlink has found itself at the center of attention. As White House’s July 31 Digital Asset Report highlights the same. The SEC’s latest ETF eligibility update has been another driver to the rally, setting the stage for a potential breakout if bullish momentum persists.

Chainlink’s structure on its price chart has turned bullish in the short term. The price is consolidating just above $18, with an intraday gain of 1.91% and a 1.73% weekly uptick. The $610.33 million worth of volume surge further confirms rising trader participation.

On the chart, LINK is currently trading slightly below its 20-period Bollinger Band SMA at $18.05. This is with the upper band resistance sitting near $19.03. Which aligns closely with the next major resistance level at $19.17. It is worth noting that if bulls can clear this zone, the path to $20.22 becomes possible for LINK.

In contrast, the support is clearly defined at $17.64, a level that has repeatedly held during recent dips. While $15.83 serves as the stronger floor from a medium-term perspective. Talking about indicators, the RSI reading at 49.38 signals improving buyer momentum.

More importantly, Chainlink price has reclaimed both its 7-day SMA at $18.2 and 30-day SMA at $16.33, reinforcing bullish conviction. 

FAQs

Why is LINK’s price up today?

Strong regulatory signals, including SEC ETF eligibility and White House endorsement of CCIP have collectively fueled LINK price.

What resistance and support levels should traders watch?

Traders need to watch out for the resistance at $19.17, followed by $20.22. And the support levels at $17.64 and $15.83.

Is LINK technically bullish right now?

Yes, Chainlink price has reclaimed key SMAs, RSI is recovering, and bullish sentiment is supported by volume.

Shrishesh Tanksalkar

Shrishesh is a versatile writer with 2+ years of experience in cryptocurrencies. An engineer turned storyteller, this selective introvert is a wannabe biker on weekends.

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