Chainlink Price Analysis: LINK Falling Towards The 20-day SMA

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price dropped after hitting resistance at the $41.
    • MACD shows increasing bullish market momentum.

    On April 25, the Chainlink price bounced up from the 50-day SMA and jumped from $31.29 to $41 on May1. During this upward surge, LINK managed to flip the 20-day SMA from resistance to support. However, it seems like LINK has encountered strong resistance.


    Chainlink Price Drops After Hitting Strong Resistance Barrier

    The Chainlink price dropped from $41 to $39.50 after it met strong resistance. As things stand, LINK is falling fast towards the 20-day SMA. The MACD shows increasing bullish market momentum. Plus, the parabolic SAR has reversed from negative to positive.

    Image: LINK/USD daily

    link/usd daily chart 050321

    Chainlink price faces an immediate resistance barrier at $41, wherein nearly 2,800 addresses had purchased a little over 800,000 LINK tokens.

    Image: IntoTheBlock

    link/usd volume chart 050321

    Grayscale Chainlink Trust Up 41% 

    The Grayscale Chainlink Trust recently declared they are up 41.34% since their inception in February. The company’s website showed these returns to be more than 30% up from the last month. Grayscale also noted that their total Assets Under Management (AUM) amounted to just under $46 billion. 

    As of April 29, the list of 14 assets showed that Grayscale has $5.8 million worth of AUMs in Chainlink (LINK). The firm has more than $35 billion worth of AUMs in Bitcoin (BTC) and an additional $8 billion in Ether (ETH). 

    Both BTC and ETH Grayscale assets came under the Rothschild Investment radar earlier this year. In Q1 2021, the asset management firm acquired $4.75 million shares of ETH under the Grayscale Ethereum Trust. That was in addition to 8,000 shares of BTC. 

    The Grayscale Chainlink Trust was one of five new trusts that Grayscale launched earlier this year. Chainlink is an oracle network, and its native token is LINK. The Grayscale Chainlink Trust describes itself as one of the first securities solely invested in LINK.

    The highs that the Grayscale Chainlink Trust is facing are consistent with other positives coming out of Chainlink recently. Last week, the network reportedly surpassed 500 integrations. Additionally, over 500,000 wallets with non-zero balances were shown to be active.


    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price will drop to the 20-day SMA ($37). Following that the buyers need to bounce up from this line and reach the $41 resistance.

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