Chainlink Price Analysis: LINK Crashes After Failing To Overcome 20-day SMA

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • Chainlink price has flipped the 50-day SMA from support to resistance.
  • MACD is on the verge of reversing from bullish to bearish.
  • The Chainlink price has been hovering around $32 between June 1 and June 3. Following this crash, LINK has crashed to $25. During this plunge, LINK has managed to flip both the 20-day and 50-day SMAs from support to resistance.

    Chainlink Price Flips 50-day SMA 

    Having flipped two key levels, the Chainlink price is plummeting towards the $23 support line. The relative strength index (RSI) tells us that LINK still has more room to fall before it becomes oversold. The MACD is on the verge of reversing from bullish to bearish.

    Image: LINK/USD daily

    LINK/USD daily chart 060821

    Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces healthy support at  $23. Previously, at this level, nearly 14,000 addresses had purchased almost 3.86 million LINK tokens. 

    Image: IntoTheBlock

    LINK/USD volume chart 060821

    Number Of Chainlink Addresses Decreasing

    LINK Number of Receiving Addresses

    "$LINK Number of Receiving Addresses (7d MA) just reached a 7-month low of 248.940."

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price is breaking towards the $23 support wall. A break below this line will take LINK to the $20 psychological level.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.