Chainlink uses blockchain technology that connects smart contracts universally. It allows users to transact securely and focuses on guaranteed participation of all node operators. LINK was one of the first networks to convert off-chain data into smart contracts. Let us look at the technical analysis of LINK.
<h2><b>Past Performance</b></h2>
On August 25, 2021, LINK opened at $25.76. On August 31, 2021, LINK closed at $26.75. Thus, <a href="https://www.cryptoknowmics.com/news/chainlink-link-derivatives-data-shows-40-still-attainable/">in the past week</a>, the LINK price has increased by approximately 3.62%. In the last 24 hours, LINK has traded between $25.71 - $27.48. Thus, indicating high volatility in the market.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/h/hn0bS9kb.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/hn0bS9kb/">https://www.tradingview.com/x/hn0bS9kb/</a>
<h2>LINK Technical Analysis</h2>
The price is currently trading in a parallel channel. Also, it is taking support at the bottom of the parallel channel. A rebound from the support level can be seen on the daily chart.

Moreover, Bingbon has started using ChainLink to provide its customers with the most accurate and up-to-date prices of crypto assets. The rise in use cases has increased the confidence level of the investors. And a surge in the buying volumes can be witnessed.

Currently, LINK is trading at $26.96. The price has increased from the day’s opening price of $25.24. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are in the positive zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall market momentum looks slightly bearish for the rest of the day ahead. Hence, we can expect the price to fall.

Currently, the<strong> RSI indicator</strong> is at 55.99%. It faced rejection at 49.56% and rose to this level. Thus, it seems like buying pressures are slowly mounting. However, the RSI has been in a downtrend.  Therefore, we have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the daily chart, the <strong>OBV indicator</strong> is trending upward. Thus, buying volumes are higher than selling volumes.
<h2><b>Day-Ahead and Tomorrow </b></h2>
In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Currently, the LINK price is trading in a range. The resistance level for this range is $28.90. If the price breaks above this range, it will highlight the next resistance at $32.33. Traders can take a long position accordingly by keeping a stop loss at $24.03.

Alternatively, if the bears take over the market and the price breaks down from this level, it will go for the next support level of $20.01.

LINK Technical Analysis: Range-Bound Trading with a Resistance to Watch of $28.90

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

LINK Technical Analysis: Range-Bound Trading with a Resistance to Watch of $28.90

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