Chainlink Technical Analysis: LINK Attempts To Bounce Up From The 20-day SMA
Daily Chainlink LINK Price Analysis
- Chainlink price faces immediate resistance barrier at $37.
- MACD shows decreasing bearish market momentum.
On April 25, the Chainlink price bounced up from the 50-day SMA and jumped from $31.29 to $36.80 before encountering resistance at the $37 line. During this upward surge, LINK managed to flip the 20-day SMA from resistance to support.
Chainlink Price Stuck Between Key Levels
The Chainlink price dropped from $42.65 to $31, between April 16 to April 24. During this fall, LINK managed to reverse the 20-day SMA from support to resistance. If LINK buyers break past the $37 resistance, it should reverse the parabolic SAR from negative to positive. The MACD shows decreasing bearish market momentum.
Image: LINK/USD daily
Chainlink price faces an immediate resistance barrier at $37, wherein nearly 6,000 addresses had purchased a little over 4.72 million LINK tokens.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price will need to break past the $37 resistance barrier to reach the $40 psychological barrier.