Chainlink Price Prediction: LINK’s Bullish Rally Stopped By The 20-day SMA

Daily Chainlink LINK Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price flipped the parabolic SAR from negative to positive.
  • The MACD shows sustained bullish momentum.
  • The Chainlink price crashed from $32 to $17 between June 4 and June 22, During this drop, LINK flipped the 20-day and 200-day SMAs from support to resistance and reversed the parabolic SAR from positive to negative. Let’s find out what happened after this.

    Chainlink Price Has A Bearish Session After 4 Straight Bullish Ones

    Between June 26 and June 29 the Chainlink price has had four straight bullish sessions, wherein LINK went from $16,75 to $19.50 and flipped the parabolic SAR from negative to positive. Following that, LINK met resistance at the 20-day SMA and dropped to $1.9.35. However, the MACD is still in the green which bodes well for Chainlink.

    Image: LINK/USD daily

    LINK/USD daily chart 070121

    The Chainlink price faces major resistance at the 20-day SMA ($19.50). As per the IOMAP, 9,000 addresses had purchased almost 5.8 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 070121

    The DeFi Network Integreates Chainlink

    Blockchain app building platform known as the DeFi Network recently announced its integration with oracle network Chainlink to support the firm's development across many unique smart contract use cases. The DeFi Network noted that the first implementation would involve the use of Chainlink Keepers and a Chainlink Price Feed within The Curse NFT project, a single dynamic NFT representing a 3D-rendered art piece of Krystall Schott that changes based on the Ethereum price.

    Smart contracts are tamper-proof programs that execute deterministically on blockchains. In a blog post, The DeFi Network noted that for dynamic NFT art to change autonomously, external entities called "keepers" are necessary. They ping their underlying smart contracts and let them know it is time to update based on predefined parameters. Chainlink Keepers will monitor the price of ETH off-chain and let The Curse NFT smart contract know if daily price changes were positive or negative, the firm added.

    The blockchain startup mentioned that it selected Chainlink to automate this foundational NFT maintenance task because Chainlink’s decentralized network of nodes is "the most well-established and time-tested in production when it comes to securing high-value smart contacts." By outsourcing maintenance to Chainlink Keepers, The DeFi Network said that it could free up time and resources to work on "other new and exciting projects knowing that The Curse Project is running autonomously in a highly reliable and secure manner."

    Chaitenya Gupta, DeFi Network Co-Founder, said:

    Chainlink Keepers will allow our team to sleep easy knowing that basic contract upkeep functions are automated by a verifiably reliable network of professional DevOp-run nodes. Having a proven and decentralized solution for maintaining The Curse Project allows us to extend our services to other innovative projects, ultimately empowering us to bring even more value to the DeFi and NFT ecosystems.

    Chainlink Price Is Expected To Reach These Levels

    If the buyers lose steam, the price may drop to the $18.50 support wall. A further break could spell disaster since the next viable support is at $16.50.

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