Chainlink Price Prediction: LINK Fails Near $20 Again

Daily Chainlink LINK Technical Analysis

Last Updated July 30th 2021
2 Min Read
  • Chainlink price downside protected by 50-day SMA
  • MACD shows increasing bullish market momentum.

The Chainlink price has struggled to break above the $20 psychological level and has retreated to $19 over the last two days. Before this, LINK had dropped from $20 to $13.70 between July 7 and July 20. This drop has flipped the 20-day SMA from resistance to support and reversed the parabolic SAR from positive to negative.

Chainlink Price Finds Crucial Support At 50-day SMA

The Chainlink price had seven straight bullish sessions between July 21 and July 27, wherein it jumped from $13.75 to $19.50. Due to this jump, LINK managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Flip the MACD from bearish to bullish.

However, the bears have retaken control over the last two days and pushed LINK down to $19.

Image: LINK/USD daily

LINK/USD daily chart 073021

As per IntoTheBlock’s IOMAP, the Litecoin price has a strong resistance barrier at $20. Previously, at this level 6,300 addresses had purchased almost 8.12 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 073021

Cronos To Integrate Chainlink Price Feeds 

Crypto.com's Cronos recently announced it is integrating Chainlink Price Feeds for developers needing external financial market data in their DeFi applications. The upcoming integration will give Cronos developers native access to the industry’s most time-tested and reliable decentralized price oracles. This enables a wide variety of cryptocurrency and traditional assets to be priced on-chain by lending/borrowing protocols, derivatives markets, asset management services, advanced DEXes, the firm said. 

Kris Marszalek,the CEO of Crypto.com, said:

"Our goal is to provide full-spectrum support for all projects built on Cronos. Chainlink has always been a trusted partner for provisioning secure and reliable decentralized oracle networks, and the integration will benefit DApps that need oracles, especially price feeds, to function.”

This marks the second collaboration between Crypto.com and Chainlink Labs, with Chainlink Price Feeds currently used within the Crypto.com DeFi Wallet. Additionally, Chainlink Price Feeds for CRO/ETH and CRO/USD are live on the Ethereum mainnet.

Cronos is built upon Ethermint, a Cosmos SDK development framework for launching scalable, high-throughput Proof-of-Stake blockchains that are fully compatible and interoperable with Ethereum. Cronos launched its testnet on July 20, 2021, and is currently onboarding projects to the platform. Projects can instantly port to Cronos from any Ethereum and EVM-compatible chains, with support from the USD 100 million CRO EVM Fund and exposure to Crypto.com’s user base of over 10 million.

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price conquers the $20 resistance it should reach the 200-day SMA ($27.50).

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