Chainlink Price Prediction: LINK Manages To Stop Fall Below $23

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price falls after charting bearish cross
  • LINK has healthy support at $21.50.
  • The Chainlink price dropped from $32 to $21.50 between June and June 11. During this drop, LINK managed to flip the 20-day and 200-day SMAs from support to resistance. Following this, Chainlink flashed a buy signal in the form of a red-nine candlestick, LINK jumped to $25 over the next three days. However, this bearish climb was short-lived.

    Chainlink Price Drops After Bearish Cross

    On June 15, the Chainlink price charted the bearish cross with the 200-day SMA crossing over the 20-day SMA. Following this, LINK dropped to $23.15 over the next three days. As things stand, LINK fell to the $21.50 support wall. However, the MACD shows sustained bullish market momentum.

    Image: LINK/USD daily

    LINK/USD daily chart 061821

    The Chainlink price faces strong support at $21.50. As per the IOMAP, 5,000 addresses had purchased almost 2.85 million LINK tokens at this level.

    Image: IntoTheBlock

    LINK/USD volume chart 061821

    Mark Cuban Backs This Ethereum, Chainlink Data Project

    American businessman Mark Cuban is advising and investing in Ethereum-based data project dClimate. The Dallas Mavericks owner will be a strategic advisor to the company, according to a recent announcement. dClimate is a decentralized network for climate data that uses Ethereum as its base layer. It relies heavily on Chainlink to function. 

    dClimate announced: 

    We are proud to welcome @mcuban to @dClimateNet as an investor and advisor. We believe his invaluable expertise will help build #dClimate into the premier platform for every business and entity that uses or builds with climate data. #Blockchain #DeFi

    The move reveals the tech entrepreneur’s rising interest in Ethereum. Cuban had previously said that Ethereum would disrupt software companies, banking, and healthcare. Last month, he also said that Ethereum has “greater long-term value” than Bitcoin. Shortly after, he invested an undisclosed amount in Polygon, an Ethereum scalability startup. 

    His recent Ethereum-related investment is targeting data, another industry that may be ripe for disrupting. dClimate works to provide businesses and entities with climate data. It provides a data marketplace for anyone from farmers to governments who need information about the climate so they can build projects or plan for future disasters. 

    The platform relies on blockchain to cut out the middlemen and connect buyers and sellers of such data directly.

    Chainlink Price Is Expected To Reach These Levels

    As we can see, the Chainlink price is going to drop towards the $21.50 support wall. A further break will take LINK below $20.

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