- Chainlink blasts to the moon hitting new all-time highs at $17.00.
- The fight for gains above $20.00 is not stopping anytime soon; support at $16.00 presents a chance for action past $17.00.
Chainlink has impressed and left many in the industry mouths agape with the marvelous shows of strength since the week started. As a matter of fact, the trading in August has broken numerous barriers with the upward momentum relatively unstoppable.
The surge to new all-time highs has left other major altcoins in the dust. LINK/USD seems to be on the track to bring down the seller congestion at $20.00. Meanwhile, Chainlink is teetering at $16.72 after a minor retreat from the new highs traded at $17.00.
A bounce from the short term support at $16.00 suggests that bulls are in control and likely to stay in the cockpit longer. Indicators signal that LINK has the potential to climb above the new highs and even brush shoulders with the psychological resistance at $20.00. Buyers need to push the throttle forward as they take advantage of both the prime technical and fundamental levels.
The RSI is currently holding in the overbought region. This means that LINK is currently overbought and could give way to a reversal. On the other hand, the Elliot Wave Oscillator continues to print the bullish session commenced on Wednesday.
Consequently, LINK could ignore the overbought condition due to the fact that it is in the middle a rally that is both technically and fundamentally ready. Besides, support at $16.00 is key to continuing the price action above $17.00 and towards $20.00.
LINK/USD 4-hour chart
-637328831434398033.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive
Ripple, the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).
Binance burns over $950 million in BNB, will price cross $700?
Binance Coin price is nearly unchanged in the past month. Data from TradingView shows BNB price is $585 at the time of writing. On-chain metrics support a thesis of gains in BNB, as social dominance and volume climbs this week.
Dogecoin price sets for a rally following retest of support level
Dogecoin price faces rejection at the 50% Fibonacci retracement. On-chain data shows that DOGE's development activity is growing, suggesting a bullish move ahead. A daily candlestick close below $0.1018 would invalidate the bullish move.
Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins
Bitcoin worth $2.85 billion was transferred by Mt.Gox, crypto traders anticipate heightened selling pressure on BTC. Bitcoin-related assets like BRC-20 tokens and cat-themed meme coins typically rally or suffer correction in price alongside BTC.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.