Chainlink Price Analysis: LINK Stuck Below 20-day SMA
Daily Chainlink LINK Price Forecast
- Chainlink price has strong support at $18
- MACD shows increasing bullish market momentum.
Since June 22, the Chainlink price has been stuck between $16.80 and $20. Prior to this, LINK had plummeted from $25 to $16.80 between June 15 and June 22. Let’s take a closer look at technical analysis.
Chainlink Price Again Struggles Below 20-day SMA
Since July 7, the Chainlink price has dropped from $20 to the $18 support line. During this drop, LINK managed to flip the 20-day SMA from support to resistance. The MACD indicates sustained bullish market momentum. The Bollinger Band has lately started expanding to indicate increasing volatility.
Image: LINK/USD daily
The Chainlink price is sitting on healthy support at $18. As per IntoTheBlock’s IOMAP, 8,000 addresses had purchased almost 11 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price needs to overcome the 20-day SMA to revisit the $20 resistance barrier.