LINK Technical Analysis Report | 25th-AUG-2022

Chainlink is the 24th largest crypto asset with a market capitalization of $ 3.3 billion at the time of writing. It is known for its ability to strengthen the capabilities of smart contracts through high levels of security and reliability by enabling access to real world data and off-chain computation. It is known to have one of the most secure and flexible infrastructure in the crypto blockchain ecosystem.

At the time of writing, Link was trading at $7.25.

Chainlink Chart | 25th August 2022
Chainlink (LINK) Chart

LINK after taking multiple supports around $5.5 showed good recovery and surged almost by 72.7% up to $9.5. Post this move, the bulls struggled to extend the gains and failed to take charge and break the resistance of $9.5 (Horizontal Trendline & High of 9th JUNE). The asset witnessed a sharp correction and dropped to $6.6 by forming a ‘Lower Bottom Lower Top’ pattern. Link has made a ‘Long Doji’ which indicates the beginning of a consolidation period where price action may soon break out to form a new trend. The asset has an immediate resistance at $7.75 (20 Day Moving average) whereas $6.5 and $5.5 will act as a strong support. Once a breakout occurs above $9.5 then we can expect a rally up to $12.

Support 2Support 1AssetResistance 1Resistance 2

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