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Chainlink (LINK) and Basic Attention Token (BAT) Technical Analysis: Fizzling Demand?


cryptoknowmics.com 07 September 2021 14:07, UTC
Reading time: ~2 m

Chainlink and BAT buyers are in control despite fizzling demand. With LINK buyers targeting $54, BAT might overcome $0.95 for a moon sling towards $1.4.

Chainlink (LINK)

The Chainlink protocol is the dominant Oracle provider using LINK as the utility currency.

Past Performance of LINK

The Chainlink crypto price is trading in a bullish breakout pattern as per LINK technical analysis in the daily chart.

In all, LINK crypto bulls are dominant, explaining why the token is one of the top performers, adding four percent on the last trading day.

Day-Ahead and What to Expect

Chainlink token traders are optimistic, expecting LINK coin to extend higher. At present, bull bars are banding along the upper BB with rising trading volumes.

The solid performance of early September points to demand, participation, and potentially trend continuation of August.

Technically, LINK token prices are in a bullish breakout pattern, and buyers appear unrelenting, targeting $54.

Chainlink Technical Analysis

As per the candlestick arrangement in the daily chart, every low might provide entries for determined buyers.

With LINK token bars banding along the upper BB, the underlying momentum is strong.

In this case, the immediate target lies at $54.

An unexpected dump below $30—August 2021 highs—might see LINK correct back to $22 in a retest.

Basic Attention Token (BAT)

The protocol aims to introduce a new way of advertising using BAT as a reward for attention.

Past Performance of BAT

The BAT crypto prices are in a bullish breakout pattern.

Currently, the Basic Attention Token coin is steady versus the USD, falling three percent on the last trading day. However, after steady gains, the BAT coin is now at resistance.

Even so, a clean break above $0.95 might see the BAT token rally to $1.4.

Day-Ahead and What to Expect

Overall, buyers are in the driving seat. Even so, there must be a surge above $0.95 for buyers to reassert themselves in an uptrend.

Already, there are signals supportive of buyers.

For instance, BAT crypto bull bars are tracing the upper BB pointing to high underlying momentum, thus demand. This supports bulls.

Nonetheless, a close below $0.85 might dump demand.

BAT Technical Analysis

From the daily chart, BAT prices are printing higher with rising trading volumes.

A conclusive close above $0.85 might open the doors for $1.4 in the medium term, another opportunity for determined buyers.

Before a conclusive break print, traders should wait for trend definition either above $0.95 or below $0.85.


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