Chainlink Price Prediction: LINK Faces Strong Resistance At $39

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price surged under bullish control this Tuesday.
  • The MACD shows sustained bullish market momentum.
  • In a three week period between March 25 and April 15, the Chainlink price surged from $25 to $42.50, gaining almost $18 in overall valuation. Following that, the LINK price crashed over the next four days to $35.80. This is when the buyers stepped back into the market.

    Chainlink Price Still Shows Sustained Bullish Momentum

    This Tuesday, the buyers made up for Monday’s losses and pushed the Chainlink price up to $39. This is when LINK encountered resistance and dropped to $38. The parabolic SAR still shows that the present market sentiment is negative.

    Image: LINK/USD daily

    link/usd daily chart 042121

    Looking at the daily Chainlink price chart, we can see that the 20-day SMA ($35) has protected the downside. On the upside, there is a major resistance barrier at $39, wherein almost 3,500 addresses had purchased nearly 11.5 million LINK tokens.

    Image: IntoTheBlock

    link/usd volume chart 042121

    eToro Enables Uniswap and Chainlink Trading

    Doron Rosenblum, the VP of Business Solutions at eToro, recently confirmed the addition of Chainlink (LINK) and Uniswap (UNI) to its crypto product offering. eToro is a social trading and multi-asset brokerage exchange, and the addition brings the platform’s crypto offerings to 18 cryptocurrencies. 

    Rosenblum said that the increasing value of the cryptocurrency sector and the high rise of institutional interest are the major reasons for the recent addition. 

    Now is the right time to be adding new cryptos to eToro. We have seen an explosion in retail investor appetite for the asset class and strong demand to invest across a greater range of tokens. Both LINK and UNI have interesting use cases and remind us that not all cryptos are designed to be currencies.

    Currently, eToro’s platform has about 20 million registered users who can purchase, hold and sell the different assets. The platform offers support for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, XRP, Dash, Litecoin, Neo, Stellar, EOS, ADA, IOTA, BNB, ZCash, Tron, Tezos, Uniswap, and Chainlink.

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price will need to flip the $39 resistance barrier from resistance to support before they potentially jump back into the $50 zone.