Chainlink Price Prediction: LINK Blocked Just Before Venturing Into $20 Psychological Level
Daily Chainlink LINK Technical Analysis
- Chainlink price upside blocked by 50-day SMA.
- 20-day SMA flipped from resistance to support.
This Monday, the Chainlink price jumped from $16.70 to $19.10 as the buyers retained full control over the market. Prior to this, LINK crashed from $20 to $13.70 between July 7 and July 20. During this fall, LINK flipped the 20-day SMA from resistance to support and reversed the parabolic SAR from positive to negative. Here is what happened after that.
Chainlink Price Blocked By 50-day SMA
The Chainlink price had six straight bullish sessions between July 21 and July 26, wherein it jumped from $13.70 to $19.15. During this jump, LINK managed to:
- Flip the 20-day SMA from resistance to support.
- Reverse the parabolic SAR from negative to positive.
- Flip the MACD from bearish to bullish.
As things stand, the 50-day SMA has prevented the Chainlink price from entering the $20 psychological level.
Image: LINK/USD daily
As per IntoTheBlock’s IOMAP, the Litecoin price has a strong resistance barrier at the 50-day SMA ($19.50). Previously, at this level, 3,600 addresses had purchased almost 6.3 million LINK tokens at this line.
Chainlink Price Is Expected To Reach These Levels
If the Chainlink price conquers the 50-day SMA ($19.50) it should reach the $20.50 barrier with ease.