Chainlink Price Prediction: LINK Drops After Failing To Cross 20-day SMA

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price has now dropped below the $30 line.
  • LINK has had a bearish session after two straight bullish sessions.
  • On May 30 and May 31, the Chainlink price jumped from $25 to $32, after bouncing up from the 200-day SMA. Following this jump, LINK encountered resistance at the 20-day SMA and dropped to $29.75. 

    Chainlink Price Drops Below $30

    Despite failing to cross above the 20-day SMA, the MACD has reversed completely from bearish to bullish. So, could this be a temporary setback before the buyers take back control and break the price above the 20-day SMA? Only time will tell.

    Image: LINK/USD daily

    LINK/USD daily chart 060221

    Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces immediate support at the $29 line. Previously, at this level, nearly 11,200 addresses had purchased almost 30 million LINK tokens. 

    Image: IntoTheBlock

    LINK/USD volume chart 060221

    Chainlink Inflows Are Higher Than Before

    Chainlink Inflows

    Santiment tweeted:

    "Chainlink is close to a key resistance level as we speak, and daily active deposits and exchange inflows are high. $LINK trader returns are at their lowest levels since Sep, 2020, which usually indicates a good buy spot"

    Chainlink Price Looks Good….When You Zoom Out

    Chainlink Price Projection

    JY Charts observed: 

    “Slow chop upward so far but still looks good. Would like to see this developing channel support hold though.”

    Chainlink Price Is Expected To Reach These Levels

    The $29 support needs to hold strong to prevent a further drop in further valuation. However, the upside for Chainlink price is capped by the 20-day SMA.

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