- Chainlink price aims to break down the $42 resistance barrier.
- The parabolic SAR has flipped from negative to positive.
The Chainlink price bounced up from the 50-day SMA on April 25 and reached $41.65 from $31.30, gaining almost $10 till date. During this upward surge, LINK managed to flip the 20-day SMA from resistance to support. Let’s take a closer look with technical analysis.
Chainlink Price On The Verge Of $42 Resistance Barrier
The Chainlink price dropped from $41 to $39.50 after it met strong resistance. As things stand, LINK is falling fast towards the 20-day SMA. The MACD shows increasing bullish market momentum. Plus, the parabolic SAR has reversed from negative to positive. The relative strength index (RSI) shows that LINK is on the verge of being overbought.
Image: LINK/USD daily
Chainlink price faces an immediate resistance barrier at $42, wherein nearly 4,500 addresses had purchased a little over ~400,000 LINK tokens.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price has what it takes to break past the $42 resistance barrier and reach the $45 psychological level.