Chainlink Price Prediction: LINK Looking To Push Past 20-Day And 200-Day SMA
Daily Chainlink LINK Technical Analysis
- The Chainlink price started the current session on a positive note, pushing up marginally.
- LINK had made a bearish start to the week after falling over 8% on Monday.
The Chainlink price staged a strong recovery over the weekend after the previous week saw the price drop to $26.36 by Friday. The weekend saw LINK pushing up by over 2% on Saturday and then rising by over 9% on Sunday to push back above the 200-day SMA and the 20-day SMA. LINK ended Sunday just shy of the $30 mark, settling at $29.44. However, LINK could not carry the momentum into Monday when the price fell significantly to slip below the 20-day and 200-day SMAs.
Chainlink Price Chart Indicates Buyers Trying To Push LINK beyond $28 Level
The Chainlink price had a very positive start to September, seeing LINK push up to $34.81 by Monday (6th). However, Tuesday saw the start of a bearish phase for LINK, and its price fell drastically. LINK fell by 18.93% on Tuesday alone, slipping below the $30 level and settling at $28.22, where the 20-day and 200-day SMA acted as support. However, Wednesday saw the price slip below the 20-day SMA and the 200-day SMA to settle at $27.17. Although the price did recover on Thursday, it could not push past the 20 and 200-day SMAs and fell back down to $26.36 on Friday.
Image: LINK/USD daily
After Friday’s fall of 5.83%, the Chainlink price rebounded on Saturday, rising by 2.44% to reach $27. Sunday saw the price rise further by over 9%, pushing beyond the 20-day and 200-day SMA to settle at $29.44. However, LINK started the week on a very bearish note, and the price fell back down below the two SMAs to close at $26.96. The current session sees LINK at around $27.05, with both buyers and sellers trying to take control of the session. Currently, both the MACD and the Parabolic SAR are bearish, but if buyers can control the current session, we could see both flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at $25.04. At this level, over 10,000 addresses bought more than 31 million LINK. There is also strong resistance at around $27.45, where over 18,000 addresses have sold over 26 million LINK.
Looking at the 4-hour Chainlink price chart, we can see that after the bearish cross between the 50-bar SMA and the 20-bar SMA, the latter acted as resistance, pushing LINK down to $26.36 on 11th September. LINK recovered in the subsequent sessions and pushed back up to $27.25 but could not push past the 20-bar SMA and the 200-bar SMA. However, the price rose significantly on the 12th, pushing up to $29.41, but with the 50-bar SMA acting as resistance, LINK fell back to $26.35 and back below the 20-bar and 200-bar SMAs. The current session sees LINK at around $27.12, with buyers and sellers trying to control the market. The MACD has flipped from bearish to bullish during the current session, which means we could see LINK push towards $28. The Parabolic SAR, however, remains bearish.
Image: LINK/USD 4-hour
CryptoZoon Integrates Chainlink Price Feeds
Gaming platform CryptoZoon recently announced the integration of Chainlink. CryptoZoon has integrated Chainlink Price Feeds for reliable pricing information within its NFT marketplace, the firm said. This would enable various NFT collectibles and crypto assets to be listed at a stable price and then purchased in a different cryptocurrency using real-time exchange rates.
CryptoZoon said that it selected Chainlink Price Feeds because they offer decentralized, tamper-proof, and accurate sources of on-chain price data streams for smart contracts.
"Chainlink Price Feeds have been time-tested in production and help secure tens of billions of dollars across the gaming and DeFi industry, giving us great confidence in the integration."
CryptoZoon aims to be the first ecosystem to combine the thrill of gaming and the value of digital collectibles, resulting in a premier digital creatures universe. CryptoZoon makes use of NFT-based gameplay within a blockchain-based decentralized financial system. The concept behind CryptoZoon is high scalability and approachability for consumers.
Ray T from CryptoZoon said:
“Our work integrating Chainlink is a major milestone, helping ensure users are consistently referencing fair market exchange rates within our marketplace. Chainlink price data reflects wide market coverage and is backed by decentralized infrastructure for high tamper resistance and availability, resulting in a more reliable and trusted user experience on CryptoZoon.”
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that after falling significantly on Monday, the current session sees LINK in the green, having pushed up marginally thanks to support at $25. If buyers can control the market during the current session, we could see the price push back towards $28 and look to push beyond the 20-day and 200-day SMA.