The Chainlink price has been under intense pressure lately. The LINK token has had mixed results in August. At the time of writing, the coin was trading 2.25% lower at $29.05. The coin’s total market capitalization has jumped more than 8% to $13.16 billion. It ranks as the 12th largest digital currency, sandwiched between Uniswap and Terra.
The digital asset started the month on a higher note. LINK’s total volume traded in the last 24 hours has jumped nearly 12% to $1.79 billion. The coin has rocketed 16.84% in the last seven days and 7.66% in the last 24 hours.
The LINK price has climbed almost 39% since August and 167% since the start of this year. However, it remains 44% below its highest point this year in May.
There are several reasons behind the surge in the coin’s price. First, the overall performance in the crypto market has boosted the morale. The global crypto market capitalization currently stands higher at $2.23 trillion, jumping 5.66% in the last 24 hours.
Analysts have also linked the surge in the Chainlink price to the crypto leader’s rally. Bitcoin’s jump to the key resistance at $50,000 pushed the crypto market higher. However, the Bitcoin price inched lower and has been hovering below the level ever since.
Investors remain worried about the coin’s price in September. Just like most altcoins, Ethereum’s dominance remains a major challenge for the coin’s performance. The Ethereum price has jumped more than 20% in the last seven days.
Chainlink Price Forecast
The daily chart indicates that the Chainlink price has been trading below the descending trendline. The coin hit an intraday high of $29.75 before pulling back.
It is trading slightly above the 25 and 50-day exponential moving averages. It is also trading below the 50 DMA.
Therefore, the LINK price is likely to face a minor retracement before bouncing back as the bulls eye August’s high at $30.62. However, a move below the 50-day EMA will invalidate this view.