Chainlink Technical Analysis: LINK Bullish Rally Stopped By 20-day SMA

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price has three bullish sessions in a row.
  • The parabolic SAR and MACD show a bullish edge.
  • The Chainlink price went through a bullish rally wherein it went from $16.85 on June 22 to reach an intra-day high of $20.50 on June 29, wherein it met resistance at the 20-day SMA and dropped to $19.45. Here is what happened after that.

    20-day SMA Again Plays Spoilsport To Chainlink Price

    The Chainlink price dropped from $19.45 to $18 on June 30 and July 1. Following that, the buyers took charge and pushed LINK up to $18.85 over three straight bullish days. The Parabolic SAR and MACD indicate that the current market sentiment is positive so a further rise is possible.

    Image: LINK/USD daily

    LINK/USD daily chart 070521

    The Chainlink price faces formidable resistance at the 20-day SMA ($20). As per IntoTheBlock’s IOMAP, 3,400 addresses had purchased almost 6.5 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 070521

    Shrub Gets Chainlink Grant To Provide Disaster Insurance To The Uninsured

    Oracle networK Chainlink recently announced that the Chainlink Community Grants Program awarded a social impact grant to Shrub, a blockchain-based P2P parametric insurance marketplace based on an initial prototype developed at Spring 2021 Chainlink Hackathon. 

    Shrub enables global users to purchase or sell disaster coverage to hedge against unforeseen catastrophic events with just an internet connection. In a recent blog post, Chainlink noted that Shrub used the Chainlink Hackathon to learn how to build hybrid smart contract applications and win prizes for submitting an innovative MVP. It can now access direct financial support through the Chainlink Community Grants Program to build out its solution and solve a real-world problem, the firm said.

    Chainlink added that the grant helps Shrub access the resources required to launch their product live in production and penetrate target markets. The grant also aids the development of open-source weather data tools that the Chainlink ecosystem can leverage, the blog noted. 

    Shrub can now launch multiple Chainlink nodes on testnet for obtaining earthquake and hurricane data. It can also make Shrub coverage solutions accessible to under-insured people and within hard-to-reach markets, Chainlink added. 

    Michael Vander Meiden, Co-Founder of Shrub, said:

    “We are thrilled to receive a social impact grant from the Chainlink Community Grant Program to accelerate the launch of our parametric insurance marketplace. Not only has Chainlink offered advice and financial support to bootstrap our project, but its decentralized oracle networks are pivotal to achieving our mission to create an accessible, global, and user-owned coverage network. We look forward to using this grant to expand our platform and bring open-source climate and weather data to all developers and projects in the Chainlink ecosystem.”

    Chainlink Price Is Expected To Reach These Levels

    If the Chainlink price breaks above the 20-day SMA, the buyers should push it up to the $22 resistance level. A further push will take LINK to the 50-day SMA.

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