Chainlink Technical Analysis: LINK Bulls Stay In Control For Two Straight Days
Daily Chainlink LINK Price Analysis
- Chainlink price bounced up from the lower Bollinger Band.
- The RSI shows that LINK could jump some more before it gets overbought.
The Chainlink price has crashed from $25 to $17 between June 4 and June 22 having encountered resistance at the confluence of the 20-day and 200-day SMAs. Let’s take a look at technical analysis.
Chainlink Price Jumps Up From The Lower Bollinger Band
Over the last two days, the Chainlink price bounced up from the lower Bollinger Band and rose from $16.70 to $19.15 – gaining almost $2.50 in its overall valuation. The relative strength index (RSI) shows that LINK will rise some more before it gets overbought. The Band has started to constrict to show decreasing price volatility.
Image: LINK/USD daily
The Chainlink price faces major resistance at the 20-day SMA ($22). As per the IOMAP, 7,250 addresses had purchased almost 11 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
The buyers will need to push the Chainlink price above the $21 resistance and the 20-day SMA. If they successfully manage to do that, the bulls will successfully reverse the overall bearish sentiment.