Chainlink Price Prediction: LINK Bullish Resurgence Blocked By The 200-day SMA

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
1 Min Read
  • 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

    LINK/USD daily chart 052521

    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.

    Image: IntoTheBlock

    LINK/USD volume chart 052521

    Chainlink Price Median Transaction Volume Increasing

    Chainlink Median Transaction Volume

    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.

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