Chainlink Price Prediction: LINK Falls After Rejection At The 20-day SMA

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price volatility is on the rise.
  • LINK has strong support at $17.
  • The Chainlink price is presently hovering around $17.20 and dropping towards the $17 support wall. Since June 22, LINK has been stuck between $16.80 and $20. Before this, Chainlink had dropped from $25 to $16.80 between June 15 and June 22.

    Chainlink Price Volatility Is Decreasing

    The Chainlink price has dropped from $20 to $17.20, since July 7, wherein it flipped the 20-day SMA from support to resistance. The Bollinger Band is narrowing to indicate decreasing price volatility. The relative strength index (RSI) is moving horizontally, which shows that the buyers and sellers have canceled each other out.

    Image: LINK/USD daily

    LINK/USD daily chart 071421

    The Chainlink price faces immediate resistance at the 20-day SMA ($18.50). As per IntoTheBlock’s IOMAP, 7,500 addresses had purchased almost 18.65 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 071421

    UREEQA and Chainlink to Launch NFTs For Cancer Research

    Major League Baseball star Trey Mancini's highly-anticipated NFT on the UREEQA Marketplace has presented sports fans and collectors with an opportunity to secure a special NFT. The token has a strong shot at unique real-world utilities while raising money for cancer research and awareness.

    To ensure utmost security for Mancini’s NFT sale, the UREEQA blockchain platform has collaborated with oracle solution Chainlink. The NFTs represent limited-edition digital baseball cards and artwork that leverage smart contracts and Chainlink oracles to guarantee collectors that their digital assets are verifiably rare. Mancini is also going beyond digital memorabilia with his NFT drop, working with UREEQA and Chainlink to add dynamic elements that give fans a provably fair chance to win exclusive prizes.

    All of the proceeds from this sale will go to the Trey Mancini Foundation, which aims to support those facing illness. It aims to empower those suffering from emotional trauma and assist those experiencing hardship. 

    To ensure that the assignment of special utility to Mancini’s NFTs is a verifiably fair and unbiased process, UREEQA will use Chainlink VRF as its source of randomness. Chainlink VRF (Verifiable Random Function) is a random number generator that anyone can independently audit to confirm that it was not tampered with by insiders or external users. 

    UREEQA CEO Harsch Khandelwal said:

    "Trey’s incredible will to not only live but compete in the major leagues soon after a cancer diagnosis is truly inspiring. We’re excited to work with Chainlink to launch dynamic NFTs that support the Trey Mancini Foundation, enabling fans to support cancer research in more fun and memorable ways while Trey is able to further his mission of inspiring those affected by cancer."

    Chainlink Price Is Expected To Reach These Levels

    The buyers need to overcome the 20-day SMA for Chainlink price to revisit the $20 resistance barrier.

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