Chainlink Technical Analysis: LINK Bulls Aim to Takedown $32.50 Resistance

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price volatility is on the rise.
  • The MACD shows sustained bullish market momentum.
  • Between March 25 and April 6, the Chainlink price jumped from $25 to $35,75, gaining more than $10 in the process. During this upward surge, LINK managed to climb above the Bollinger band. Following that, the price plummeted to $31.15, before recovering to $32

    Chainlink Price Recovers Following Wednesday’s Drastic Drop

    As things stand, the Chainlink Price will look to approach the $32.50 resistance barrier. LINK has managed to flash two different buy signals:

    • The MACD shows sustained bullish market momentum.
    • The Bollinger band is expanding, which tells us that the price volatility is on the rise.

    Image: LINK/USD daily

    link/usd daily chart 040921

    As per the IOMAP, the $32.50 resistance barrier is pretty formidable. Previously, 5,700 addresses had purchased almost 13.5 million LINK tokens at this level. On the downside, the strongest support wall is at $30, which sees a confluence of the 20-day and 50-day SMAs.

    Image: IntoTheBlock

    link/usd volume chart 040921

    Everest Blockchain Integrates Chainlink

    Everest, a blockchain platform that enables identity creation and verification, account creation for users or businesses, and transaction tracking and validation, has recently partnered with Chainlink. The integration aims to boost new use cases for smart contract applications.

    Chainlink price feeds supply volume-adjusted global market prices sourced from numerous data aggregators. They will serve as the basis for calculating the USD conversion value of all user balances and token amounts. Chainlink would help lay the groundwork for Everest’s decentralized exchange (DEX) and global fiat-in/out ramp to guide the market in payment conversions. Everest will also launch its own Chainlink node to present smart contract developers with a crucial new element, digital identity. 

    As smart contract applications become more superior, the demand from Web 3.0 devs wanting to use Everest for fiat ramps and identity verification solutions increases. The Everest Chainlink node will empower these developers with various new private permissioned identity use cases, including human detection, KYC/AML verification, KYB status, credit history, etc. 

    Bob Reid, the co-founder and CEO of Everest, said: 

    Our upcoming integration with Chainlink will serve as a major upgrade in Everest’s ability to bring identity solutions on-chain to smart contact developers and dApps. Not only will we be able to open up a multitude of payment options for purchasing Everest services, but having a Everest Chainlink node will make data stored on Everchain accessible across any smart-contract enabled blockchain.

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price will likely approach the $32.50 level. If the buyers manage to flip this line, it should reach $35.