LINK has had a positive performance these last 3 months after reaching a low of $ 13.50 against the US dollar; In total, it has an increase of 170% in that period, and the truth is that it may continue to increase during the month of September. Since, we have noticed how new projects have been integrated into the ecosystem; a fact that will clearly benefit your native token.
Before starting with the analysis of Chainlink, it is worth noting that LINK is currently trading $ 32.82 at the LINK / USDT exchange rate. However, it registers a drop in the last 24 hours of 2.91% and a positive accumulation of 22.08% in 7 days according to CoinMarketCap.
The Chainlink ecosystem continues to grow and becomes more and more relevant
The buying streak that has been seen in recent weeks could be credited to the fact that many investors and traders have a positive outlook regarding the integration of Chainlink as a second layer Ethereum solution; even, during the previous year, there was a fairly similar reaction from investors.
On the other hand, some very optimistic experts about the project point out that LINK’s bullish streak was slowed by the generalized correction that the market suffered a few months ago. Therefore, there are still probabilities of continuing to rise despite the corrections that are made, since the Chainlink ecosystem continues to grow, and the upward trend of its token is inevitable.
This conclusion is reached after analyzing the multiple projects that were associated in the Chainlink network for August; they add more than 76 projects. These are the first signal to consider to do a LINK preview, for the same fact, CEX.IO’s head of cryptocurrency analysis, Yuriy Mazur, mentions that the token could reach $ 50 or more during the next 3 weeks.
Chainlink analysis and preview
In our Chainlink analysis we noticed that at this point the indicators show that traders are taking profits after reaching significant resistance at $ 35.55. Despite the fact that the selling pressure increased at that point, we have 2 important supports to watch.
The first of them is at $ 32 and is being defended by the bulls at the time of writing, however, below we have $ 30; Surely the sales will last up to that point.
It should be noted that we find divergence after viewing the RSI, since it is located at 27 points. So despite being in sales territory, a rally to neutral territories is almost certain to be seen, which could bring the token back to $ 34 in a matter of hours.
On the other hand, the ENV channels confirmed the correction of LINK; since the candles were outside the upper margins. And right now, the bulls are looking to match sales to lessen the selling pressure and keep prices on the ENV midline.
- We must pay attention to the closing of the candles to make an accurate estimate of what the next move of the traders will be.
- If the support of $ 32 is lost, prices will surely push up to $ 30.
- RSI diverges after reaching extreme oversold levels. Suggesting that there could be a short-term trend reversal, and that it sure is a good time to buy.
- ENV channels are pointing out that the most damaging drop could be as high as $ 29, and a rally to the upside should be seen from there.
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.