Chainlink Price Prediction: LINK Must Overcome Crucial Resistance At 20-day SMA
Daily Chainlink LINK Technical Analysis
- Chainlink price volatility has been on the rise.
- The MACD is on the verge of reversing from bearish to bullish.
The Chainlink price crashed from $18.30 to $13.85 between July 12 and July 20 after encountering heavy resistance at the 20-day SMA. During this time range, LINK has been hovering along the lower Bollinger Band.
Chainlink Price Bounces Up
This Wednesday, the Chainlink price jumped from $13.85 to $15.28 as the buyers took back control after two straight bearish sessions. Due to this recent jump, the MACD is also on the verge of flipping from red to green. The band has started to expand to indicate increasing volatility.
Image: LINK/USD daily
The Chainlink price faces a strong resistance barrier at the 20-day SMA ($17.25). As per IntoTheBlock’s IOMAP, 3,200 addresses had purchased almost 8 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price needs to reach the $17.50 level and break past the 20-day SMA.