- Chainlink (LINK) trades at $21.29, gaining 27% in the past week, showing strong bullish signals on the weekly chart.
- A move toward $24–27 in August has a higher probability than a drop to $18–$16.
- The bullish case weakens if LINK closes below $15.5 on the weekly chart.
Chainlink’s behavior throughout the week has been eye-catching, with the token trading at $21.29, an impressive 27% gain within seven days. On the weekly chart, LINK remains on top of its complete EMA ribbon, an indicator of continued bull momentum. The current level is further close to the top Bollinger Band, further solidifying the trend’s strength.
Technicals are still in sync for a bull preference. The 9-day EMA resides around $18.05, which is close to being 17.75% lower than the underlying price, and the bigger picture EMAs at $16.72, $16.00, $15.00, and $13.24 are affirming
A reading of about 60 on the RSI reveals good momentum without entering into an overbought range. The MACD histogram is mildly positive at 0.044, and the Awesome Oscillator is green as well.
LINK’s short-term pattern remains creating higher highs and higher lows, and EMAs with slope are enhancing the bull setup. Bollinger Bands have further expanded, and they are indicating an active trend and not lateral trading. But the last candle finished a little lower than the weekly top, suggesting light profit-taking in the region of $22.6–$22.8.
Also Read: Chainlink Whales Scoop $100 Million in LINK as Price Targets $100
Scenarios for August Price Action
Two scenarios are likely in August. The first, with a 60% probability, is a continuation bull case. As such, LINK would need to maintain weekly closes above $18 and break through the $22.6–$23 level.
Such a break would provide a potential opportunity for a rally back to $24–$27, and further to $30 if the gathering acceleration of momentum continues.
The second probability, at 40%, indicates a pullback or consolidation phase. Here, profit-taking may take LINK back to $18 or even into the $16–$16.8 EMA cluster. This would still be healthy in the context of a broader uptick, offering buyers a potential entry in anticipation of the next leg up.
Key resistance stands at $22.6–$23.0, followed by $24–$27. On the downside, support sits at $18.0–$18.1 and $16.0–$16.8, with a major structural floor at $15–$15.5.
Chainlink Price Poised for Gains if Key Supports Hold
Momentum breakout buyers may buy on a close above $23, targeting $26–$28, with stops around $21. Cautious traders may buy on breaks back down to $18–$17, adding on a close back above $16.
Overall, Chainlink’s technical structure and indicators favor more gains in August. As long as the price respects support levels and does not close the week below $15.5, the route to $24–$27 remains the preferred outcome.
Also Read: Chainlink and ICE Partner to Unlock the Future of Tokenized Markets
