Chainlink Price Analysis: LINK Flips Back 200-day SMA From Support To Resistance
Daily Chainlink LINK Price Forecast
- Chainlink price flashed the buy signal with a red-nine candlestick.
- MACD shows sustained bearish market momentum.
Between May 10 and May 23, the Chainlink price crashed by $32.50, as LINK dropped from $52.50 to $20. During this slump, the Chainlink price managed to flip the 20-day, 50-day, and 200-day SMAs from support to resistance. The buyers tried to stage a fightback this Monday, but then the sellers retook control.
Chainlink Price Fluctuates Around 200-day SMA
This Sunday, the Chainlink price flashed the buy signal in the form of a red-nine candlestick in the TD sequential detector. This prompted the buyers to take control and pushed up LINK from $20 to $26.50, reversing the 200-day SMA from resistance to support. However, the sellers retook control and dropped LINK down to $24.35, flipping back the 200-day SMA from support to resistance. The MACD shows sustained negative momentum, s a further drop is in the cards.
Image: LINK/USD daily
On the downside, the Chainlink price has a robust support wall at $23. Previously, at this level, >15,000 addresses had purchased almost 20 million LINK tokens.
Chainlink Volatility On The Rise
As things stand, the Chainlink price is going through a period of extremely high volatility. This tells us that investors are currently not holding on to their LINK tokens, which is a negative sign.
Augur Turbo: Chainlink + Polygon
Augur recently announced the launch of Augur Turbo, the "only fast-resolving, easy-to-use, decentralized betting platform" with daily markets for sports, crypto, politics, and current events. Augur Turbo is now live at Augur.net.
In a blog post, Augur noted that the integration of Chainlink’s widely adopted oracle network into the Augur Turbo platform, now live on Polygon’s layer 2 scaling solution. With Chainlink integrated, anyone can create their own betting markets on Augur Turbo for a wide range of different sports events. The team said that Chainlink’s oracle networks will then be used to deliver schedules and post-game scores, team, and player stats on-chain. This is done while ensuring each sports betting market on Augur Turbo is settled in an "accurate, transparent, and timely manner."
The Augur team noted:
The combination of Augur, Chainlink, and Polygon offers full-stack infrastructure for supporting secure, low-cost betting markets that settle in near real-time and according to an aggregation of premium data sources. As the Augur ecosystem grows, we can easily launch new Chainlink Data Feeds so market creators can quickly bootstrap new betting markets for more sporting events and other verticals.
According to the blog, Chainlink provides time-tested infrastructure that is already securing tens of billions of dollars across leading DeFi protocols and flexibility to access data from any off-chain API needed to settle betting markets on Augur Turbo. Augur said that some of the reasons to integrate with Chainlink include "high-quality data, reliable nodes, decentralized infrastructure, and transparent performance."
Chainlink Price Is Expected To Reach These Levels
If the bears break the Chainlink price below the $23 support wall, it will likely drop to the $20 psychological level. A further break below that could be catastrophic.