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

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.

LINK Price Analysis:

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