Chainlink Price Analysis: LINK Looks To Fall Below The $20 Psychological Level
Daily Chainlink LINK Price Forecast
- Chainlink price falls after charting bearish cross
- LINK has healthy support at $19.50.
Between June 4 and June 11, the Chainlink price crashed from $32 to $21.50, losing almost $10.50 in its overall valuation. During this downtrend., LINK managed to flip the 20-day and 200-day SMAs from support to resistance and reversed the parabolic SAR from positive to negative. Following that, LINK jumped to $25 till June 14, following which the sellers took control of the market.
Crypto Tony tweeted about the current state of LINK/USD
"Now this is how i am seeing Chainlink. The move down for me is corrective looking at the sub count and declining volume. I will only be looking to enter once i see the first impulse following the Y wave .. Patience is required on this one legends."
Chainlink Price Looks To Fall Below $19.50 Support
On June 15, the Chainlink price charted the bearish cross with the 200-day SMA crossing over the 20-day SMA. Following this, LINK dropped to $20.45. The relative strength index (RSI) indicates that LINK may drop some more and could potentially fall below the $20 psychological level.
Image: LINK/USD daily
The Chainlink price faces strong support at $19.50. As per the IOMAP, 5,750 addresses had purchased almost 1.25 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
As we can see, the Chainlink price is going to drop towards the $19.50 support wall. A further break will take LINK towards the $18 link.