Chainlink Price Analysis: LINK Sits On Top Of 20-day SMA

Daily Chainlink LINK Price Forecast

2 Min Read
Last Updated July 23rd 2021
  • Chainlink price crashed by $11.65 between April 16 and April 24.
    • LINK had a bearish session after three straight bullish sessions.

    The Chainlink price dropped from $42.65 to $31, between April 16 to April 24. During this fall, LINK managed to reverse the 20-day SMA from support to resistance. However, the 50-day SMA has remained firm and provided robust support to LINK.

     

    Chainlink Price Bounces Up From 50-day SMA

    Over the last three days, the Chainlink price has bounced up from the 50-day SMA and jumped from $31.29 to $36.80, after flashing the morning star pattern. Following this upward surge, LINK had a bearish day and is sitting on top of the 20-day SMA. The MACD shows decreasing bearish market momentum.

    Image: LINK/USD daily

    LINK/USD daily chart 042821

    Chainlink price faces a moderate resistance barrier at $42, wherein nearly 3,000 addresses had purchased a little over 860,000 LINK tokens.

    Image: IntoTheBlock

    LINK/USD volume chart 042821

    Balaji Srinivasan Talks About Chainlink’s Future

    Ex Coinbase CTO, Balaji Srinivasan shared the following observation about the future of Oracles:

    "Corporate ‘journalism’ is on the way out. The future is oracles and advocates. Crypto oracles generalize mechanisms for arriving at consensus on financial facts to other facts. Advocates are then just individuals who write on these facts. Chainlink and Substack are v1s."

    Srinivassan’s tweet was a reply to this Elon Musk tweet:

    "I find it more helpful to read/follow individual journalists, rather than publications. Any given publication is going to have wide range of views, albeit vast majority of stories about any subject are negative, perhaps reflecting innate human biases. Citizen journalism FTW!"

     

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price may bounce up from the 20-day SMA and reach the $42 resistance barrier.

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