Price Analysis

Chainlink(LINK) Price Losses its Hold at $8, A Rally Above $9.5 is Still Possible

Author: Sara K

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Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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Chainlink’s price was among the few assets that traded under a huge bullish influence. The asset underwent a “V-Shape” recovery to reach the resistance above $8 but woefully underwent a minor pullback. However, in the coming days, the price is expected to leap a long way to reach $9.

The price, in recent times, has been attempting to surge beyond $8, but each time the bears dragged the price down to $6.66. While these resistance levels may have become brittle, the very next attempt may enable the price to slice through the levels and reach a double-digit figure very soon.

Source: Twitter

As seen in the above chart, the LINK price is closer to testing the immediate support at $7.43 and is expected to rebound after reaching these levels. With a rebound, the asset is expected to rise and reach $8.5, wherein the bears may soon regain dominance for a while. However, after a brief consolidation, the price may soon gain strength to leap higher.

Coming to the technicals, the RSI is currently flashing bearish signals by diverting towards the south. The MACD is also failing to deliver any particular signal while the volatility has been rising, indicating the asset is gearing up for the upcoming rally. The Chainlink(LINK) price could close the September trade on a bearish note, but may eventually rebound firmly during the final quarter of 2022.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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