Chainlink Price Prediction: LINK Stuck Below The 20-day SMA
Daily Chainlink LINK Technical Analysis
- Chainlink price aims for 50-day SMA.
- MACD shows increasing bullish market momentum.
Having hovered horizontally around $32 for 3-4 days, the Chainlink price crashed to $25 on June 4 and June 5. During this crash, LINK managed to flip the 20-day SMA from support to resistance. Let’s take a closer look with technical analysis.
Chainlink Price Trapped Below 20-day SMA
Despite this drop, the Chainlink price has flashed two bullish signals. Firstly, the MACD shows bullish market momentum, and the parabolic SAR indicates positive sentiment. As things stand, LINK is sandwiched between 20-day and 200-day SMAs.
Image: LINK/USD daily
Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces strong resistance at the 20-day SMA ($29). Previously, at this level, nearly 21,300 addresses had purchased almost 25 million LINK tokens.
Chainlink Price Is Expected To Reach These Levels
The buyers will need to push the Chainlink price above the 20-day SMA to push LINK up to the $30 psychological level.