Chainlink Price Analysis: LINK Jumps Up After Conquering Crucial Level
Daily Chainlink LINK Price Forecast
- The Chainlink price has flipped 20-day SMA from resistance to support.
- LINK now faces major resistance at $22.
Between June 26 and June 29, the Chainlink price jumped from $16.85 to $19.50 and managed to reverse the parabolic SAR from negative to positive. At the same time, the MACD had also flipped from bearish to bullish. Following this rise, LINK had been going through a period of horizontal movement.
Chainlink Price Breaks Above 20-day SMA
Between June 30 and July 5, the Chainlink price has been hovering horizontally between the $18 support line and the 20-day SMA. After struggling to break above the latter, the buyers manage to flip the 20-day SMA from resistance to support and reach $20. Do note that the Bollinger Band has been narrowing to indicate decreasing price volatility.
Image: LINK/USD daily
The Chainlink price now must take down the $22 resistance. As per IntoTheBlock’s IOMAP, 4,000 addresses had purchased almost 20 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
Chainlink price must now take down the $22 resistance barrier to continue this upward trend.