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27 September 2023
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Chainlink (LINK)Technical Analysis on 27th August 2020

After enduring a troubling week, the bulls and bears continued to assert dominance over the cryptocurrency market. On the brighter side, the number of Bitcoin [BTC] whales reached an all-time high which indicated that the world’s largest cryptocurrency was still in an accumulation phase.

Following BTC’s minor price change to the positive side, several altcoins also bounced upside.

Chainlink [LINK]

Over the last year, Chainlink [LINK] has witnessed a meteoric rise. But the latest announcement of crypto trading platform dYdX introduction of LINK-USD perpetual contracts boosted the price closer to the resistance point of $19.2.

LINK was up by 3.25% over the past 24-hours which drove its price to $15.17 as it held a market cap of $5.30 billion and a 24-hour trading volume of $1.21 billion.

Despite the rise, Awesome Oscillator continued to point towards a bearish momentum. Chaikin Money Flow also appeared to be struggling in the bullish region as the inflow of capital to the LINK market declined.

As the bearish pressure sets in, the key levels of support to look out for to the downside are $12.2 and $10.02 respectively.

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