Chainlink Technical Analysis: LINK Bears Eke Out Advantage After Three Bullish Days

Daily Chainlink LINK Price Analysis

Last Updated August 6th 2021
1 Min Read
  • The Chainlink price was under bullish control for three straight days.
  • RSI indicates that LINK is overpriced.

The Chainlink price had a bearish session after three straight bullish days and is presently trending around $23.85. Previously, LINK had dropped from $20 to $13.70 between July 7 and July 20. This drop has flipped the 20-day SMA from resistance to support.

Chainlink Price Sentiment Remains Positive

Despite a slight bearish session, the overall sentiment for Chainlink price remains positive. Since July 21, the Chainlink price has jumped from $13.70 to $24.60 – nearly doubled in valuation. During this jump, LINK managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Reversed the MACD from red to green.

However, note that the relative strength index (RSI) is hovering in the overbought zone. A further rise will likely end up in a bearish correction.

Image: LINK/USD daily

LINK/USD daily chart 080621

As per IntoTheBlock’s IOMAP, the Chainlink price has healthy support at $23. Previously, at this level, 19,000 addresses had purchased almost 18.22 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 080621

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price drops further, it will touch the $23 support wall. This line is robust enough to absorb more selling pressure.

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