Chainlink Price Analysis: LINK Has Dropped By ~$10 Since June 4
Daily Chainlink LINK Price Forecast
- Chainlink price has reversed parabolic SAR from positive to negative.
- The RSI indicates that LINK still has some room to fall.
Since June 4, the Chainlink price crashed from $32 to $23, flipping the 20-day and 200-day SMAs from support to resistance. Prior to this crash, LINK has trended horizontally around $32 between June 1 and June 3.
Chainlink Price Breaks Below $25 Psychological Level
This Thursday, the Chainlink price has crashed from $25.50 to $23. Over the last three days, LINK has been stuck below the 200-day SMA. Looking at the relative strength index (RSI), we can see that LINK may drop some more before it gets oversold. The parabolic SAR has also reversed from positive to negative.
Image: LINK/USD daily
The Chainlink price is sitting on top of a moderate support wall at $22.50. As per the IOMAP, over 8,600 addresses had purchased almost 1.34 million LINK tokens at this level.
Chainlink On-Chain Analysis – Glassnode
"$LINK Exchange Inflow Volume (7d MA) just reached a 1-month low of $1,256,672.18. Previous 1-month low of $1,768,453.48 was observed on 03 June 2021."
Request Network Collaborates with Chainlink
Request Network, a P2P payment platform, recently announced its partnership with Chainlink to enable crypto payment for invoices denominated in fiat like USD or Euros. By leveraging Chainlink’s Price Feeds, Request offers an automated and decentralized fiat-denominated crypto payment solution with its Request Invoicing app. Now, users have strong assurances that they are receiving a fair amount of crypto assets (such as $ETH or $REQ) at the time of invoice payment.
In a blog, Request said that crypto-native and non-crypto native firms can now use Request Invoicing to maintain their accounting in fiat currency. They can simplify the auditing process and ensure regulatory compliance with existing accounting systems, the firm noted.
The payment platform selected Chainlink because of its "time-tested oracle infrastructure that already secures tens of billions of dollars across DeFi." Most notably, Chainlink Price Feeds reflect volume-adjusted exchange rates that have been aggregated from all trading environments (DEXs and CEXs), with historical update reliability even during heavy market volatility and network congestion, Request added.
Request Network is a payment and transaction protocol built on the Ethereum blockchain and IPFS storage network. Businesses can use Request to pay and get paid in cryptocurrencies via a single unified user interface. By doing so, they can lower the fees spent on international payments, get paid faster through 1-click invoice creation, mitigate fraud through direct P2P payments, and simplify the accounting process.
Request’s Head of Strategic Partnerships Christophe Fonteneau said:
Integrating Chainlink Price Feeds into the Request Ecosystem was an extremely simple process. It allowed us to quickly expand our product offerings to include a very requested feature, the creation of crypto invoices denominated in fiat currencies. With the adoption of Request Invoicing rapidly growing, this integration provides us with the oracle infrastructure we need to take our user experience to the next level, both for crypto and non-crypto native companies.
Chainlink Price Is Expected To Reach These Levels
The current market sentiment for Chainlink price is negative. The IOMAP shows that the $22.50 support line is moderate. A further break below this level will take LINK below the $20 psychological level.