Chainlink Price Prediction: LINK Bullish Resurgence Blocked By The 200-day SMA
Daily Chainlink LINK Technical Analysis
- Chainlink price flashed the buy signal with a red-nine candlestick.
- The $25 line provides much-needed support to LINK.
In a two-week period between May 10 and May 23, the Chainlink price crashed from $52 to $19.65, losing almost 62% in its overall valuation. During this slump, the Chainlink price managed to flip the 20-day, 50-day, and 200-day SMAs from support to resistance. What happened next? Let’s take a closer look.
Chainlink Crashes Towards 200-day SMA
This Sunday, the Chainlink price flashed the buy signal in the form of a red-nine candlestick in the TD sequential detector. Following that, LINK jumped from $19.65 to $23 and currently faces resistance at the 200-day SMA. The relative strength index (RSI) was about to drop into the oversold zone before it diverged away.
Image: LINK/USD daily
The only thing that’s blocking the way for Chainlink price bears is the 200-day SMA. As per the IOMAP, 12,000 addresses had purchased almost 11.7 million LINK tokens, at this level.
Chainlink Price Median Transaction Volume Increasing
This metric calculates the median value of a transfer. Only successful transfers are counted. As per Glassnode, LINK Median Transaction Volume (7d MA) just reached a 1-month high of $3,376.55.
Chainlink Price Is Expected To Reach These Levels
As things stand, the Chainlink price will need to cross over the 200-day SMA and reach the $27.50 resistance barrier to reverse the bearish flow.