Chainlink Technical Analysis: LINK Bears Eke Out Advantage After Three Bullish Days
Daily Chainlink LINK Price Analysis
- 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
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.
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.