Chainlink Price Analysis: LINK Crashes After Failing To Overcome 20-day SMA
Daily Chainlink LINK Price Forecast
- 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
Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces healthy support at $23. Previously, at this level, nearly 14,000 addresses had purchased almost 3.86 million LINK tokens.
Number Of Chainlink Addresses Decreasing
"$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.