- Chainlink price overcame the 200 SMA to rise 18% between August 29 and September 04.
- Breaking above the current immediate resistance at $30.8 will bolster the DeFi coin bulls to record higher highs.
- LINK price prediction remains bulls as it targets the May 27 range high at $35.42.
After rallying approximately 118% from a low of $13.31 on July 20 to close the week at $28.24 on Sunday August 22, the Chainlink price retreated in alternating bearish and bullish sessions that saw the price close the week on Sunday August 29 at $25.81. Recovery attempts were met by heavy resistance from the 200-day Simple Moving Average which was overcome on Wednesday September 01 in a rally that saw LINK gain 18% from Sunday 29 to the current price around $30.47.
Chainlink Price, The Week That Was
LINK/USD price is up approximately 18% from Sunday August 29 price at $25.81 to the current price around above the $30 mark The previous week, Chainlink price was bearish marked by a significant price drop in alternating bearish and bullish price action that saw bears overpower the bulls. The LINK price dropped by more than 11% during that week. Chainlink closed Sunday August 29 with a doji stick at $30.47 as the bulls focused on holding above the $25 mark.
Chainlink price started the week trading in red as the bears pushed the asset to recorded an intraweek low of $24.23 on Monday. Bouncing off from the $25.0 major support level saw LINK turn bullish to rise above the 200-day SMA at $28.07 on Wednesday.
LINK traded in four straight bearish sessions between Tuesday August 31 and September 03 recording higher lows holding on to support at the $29.64 major support level. This bolstered bulls who strived to push the Chainlink price from above the $30 psychological level to reach an intraweek high on Friday September 03 at $31.83. At the time of writing, LINK is hovering at $30.47.
- Are you seeking to buy crypto? Read our guide on the best cryptocurrency to buy to get started.
During this week LINK gained 18% and flipped the 200-day SMA from resistance to support. This has been the week’s upside.
LINK/USD Daily Chart
LINK Price, The Week Ahead
Chainlink price forecast for the week ahead remains bullish as kt targets the May 27 range high at $35.42.
Note if LINK closes the week on Sunday above immediate resistance at $30.80, the asset could jump above $32 psychological level after which a push to the May 27 range high around $35.42 would be the next logical move. This would represent almost a 37% gain from the current price.
Note that closing the week below the immediate support at $29.64 LINK price would drop to seek support at the $28.07 level embraced by the 200-day SMA. A weekly closure below the 200-day SMA will push LINK lower towards the $25 mark and revisit the 50-and 100-day SMAs at $23.66 and $22.71 respectively.
Where To Buy LINK?
If you wish to buy cryptocurrencies including Chainlink, exchanges such as eToro , Binance, Coinbase, Bittrex and Kraken are good places to visit.
Looking to buy or trade Chainlink now? Invest at eToro!
Capital at risk
Share
Nancy Lubale
