Chainlink Price Prediction: LINK Flips 20-day SMA From Support To Resitance

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • The Chainlink price has been hovering in a ~$3 range since June 22.
  • LINK volatility has gone down significantly.
  • Since June 22, the Chainlink price has been stuck between $16.80 and $20. Prior to this, LINK had plummeted from $25 to $16.80 between June 15 and June 22. Here is what happened afte that.

    Chainlink Price Stuck Between Strong Levels

    During the recent horizontal movement, the Chainlink price flipped the 20-day SMA from resistance to support and back again. The Bollinger Band indicates decreasing volatility, and the relative strength index (RSI) shows that buyers and sellers are canceling each other out.

    Image: LINK/USD daily

    LINK/USD daily chart 070921

    The Chainlink price faces the strongest resistance at 20-day SMA ($20). As per IntoTheBlock’s IOMAP, 8,500 addresses had purchased almost 16.50 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 070921

    Quantum Data Technologies Integrates Chainlink

    Quantum Data Technologies (QDT) recently announced that it is launching its official Chainlink node, bringing its Bitcoin price predictions on-chain. In a blog post, the firm noted that it generates BTC price predictions from its AI and ML platform, Quantum ML. 

    QDT added that DeFi developers can now call the QDT Chainlink node to get daily BTC price predictions at a lookahead period of 1, 3, 5, 8, and 13 days. Developers can also define their start and end date, meaning they can get the price prediction from a specific day or the entire history from the defined period, it noted.

    The blog also mentioned that QDT price predictions could be used in various smart contract use cases within decentralized finance (DeFi). This includes triggering automated on-chain trading strategies, calculating futures contract prices, and rebasing tokens based on predicted price action.

    While developers can now use QDT’s daily BTC price prediction signals, the firm plans to expand the on-chain data offerings available through its Chainlink node in the future. This would help QDT incorporate more data, and other cryptocurrency price predictions, like Ethereum, Cardano, and more.

    Rajiv Chandrasekaran, CEO and Co-Founder of QDT, said:

    We’re pleased at how quick and seamless it was to connect QDT’s existing APIs with multiple blockchains through a Chainlink node. We can now sell data directly to DeFi developers and applications, showcasing the synergy between AI-refined datasets and data-driven smart contract applications.

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price needs to overcome the 20-day SMA to revisit the $20 resistance barrier.