Chainlink Price Analysis: LINK Looks To Fall Below The $20 Psychological Level

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • 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

    LINK/USD daily chart 062121

    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.

    Image: IntoTheBlock

    LINK/USD volume chart 062121

    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.

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