Chainlink Price Analysis: LINK Back In The Red After Pushing $35 On Monday 

Daily Chainlink LINK Price Forecast

Last Updated September 8th 2021
4 Min Read
  • Chainlink was another cryptocurrency that started the day in the red, having gone down by almost 6% during the current session. 
  • The RSI climbed above the neutral zone on Monday. 

After blowing hot and cold towards the end of August, where its price slipped below the 20-day SMA, LINK managed to rebound after finding support at $24.39. LINK was at $25.04 on the 30th of August, and thanks to the support at that level, LINK rose by almost 7% during the next session to close just above the 20-day SMA, ending August positively. LINK started September on an extremely bullish note, surging by over 11% to go past the 20-day SMA and the 200-say SMA, to close the session just shy of $30. 

Chainlink Price Chart Indicates LINK Could Fall back to $30 

After almost going past $30 on the 1st of September, LINK saw a fairly static session during which LINK rose only marginally and still closed under the $30 mark, at $29.95. The price was finally past $30 on Friday, when LINK went up by almost 3% to end the session at $30.77. However, Saturday saw the price take a bearish turn, with LINK falling back down below the $30 level. However, LINK began Sunday extremely bullish, with the price surging by over 12%. The momentum carried forward on Monday as well, with the price pushing up by another $3.76% to reach $34.81.

Image: LINK/USD daily

LINK/USD daily chart 090821

Looking at the 1-day Chainlink price chart, we can see that after rallying significantly on both Sunday and Monday, LINK started the current session on a bearish note, with the price in the red. The price has already fallen by over 6% in the current session, and we could see the price fall back even further to $32 or $30. With the MACD still bullish, we could see LINK rebound with the RSI, which led to the drop in price, now also back into the neutral zone.

IntoTheBlock’s IOMAP for Chainlink shows us strong support at around $31, at which level over 15,000 addresses have bought over 21 Million LINK. There is also strong support at $28, where over $19,000 addresses have bought almost 21 Million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 090821

Looking at the 4-hour LINK price chart, we can see that the price fell below the 20-bar SMA on the 4th of September, falling to $29.71. With the 20-day SMA now acting as resistance, we saw LINK stay below $30 for the next couple of sessions before raising to $33.55. The price further rallied to $35.59 before being pushed down to $34.32. The current session sees LINK in the red, with the price falling towards the 20-bar SMA, which could support $32. If this level is also breached, we could see the price fall to $30. With the Parabolic SAR and the MACD flipped to bearish during the current session, LINK is said to fall even further.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 090821

NCFX Integrates Chainlink Price Feeds

New Change FX (NCFX) recently announced that its premium forex, precious metal, and crypto benchmark data now powers Chainlink Price Feeds. NCFX’s financial market data is actively being used across all native Chainlink Price Feed deployments, including leading blockchain networks like Ethereum, Solana, BSC, etc.

"As a professional data provider with a long history in the forex space and a carefully designed benchmarking methodology, NCFX’s high quality, low-latency, and hyper-reliable financial market data helps boost the security and reliability of Chainlink Price Feeds that already helps secure tens of billions of dollars in on-chain value for smart contracts." 

NCFX aggregates trading data from across a broad range of trading environments to provide highly accurate spot pricing while filtering out suspicious trading volume and reducing the impact from outlier data inherent from using single sources.

Chainlink Price Feeds recently launched on several high-throughput chains like Polygon mainnet, Avalanche mainnet, Fantom mainnet, and Solana Devnet. NCFX said that its financial market data supports low-latency price feeds that still retain full market coverage, protect against various data manipulation attacks. This is done while providing transparency into the benchmarking methodology that the community can monitor and verify. For example, NCFX supports Chainlink Price Feeds on Solana that update at sub-second time frames to bring Solana’s smart contract application developers high-quality pricing data in real-time.

Andy Woolmer, CEO of New Change FX, said:

"We’re excited to supply our premium, high-frequency pricing data to Chainlink Price Feed deployments across leading blockchains, leading to increased decentralization and lower latency updates for the industry’s leading decentralized oracle solution. Our support for Chainlink Price Feeds has not only expanded our business model with little integration overhead, but it has allowed us to seed next generation financial markets and products across DeFi and CeFi.”

Chainlink Price Is Expected To Reach These Levels

With buyers in complete control of the current session, we can see the LINK price is being pushed down to $32. If the buyers are unable to reverse the current session, we could see LINK fall down to around $30-$31, where the price could find support.