Chainlink Technical Analysis: LINK Buyers In Control For Three Straight Days

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
3 Min Read
  • Chainlink price reversed the parabolic SAR from bearish to bullish.
  • LINK has tough resistance at the $34-mark.
  • The Chainlink price had three straight bullish sessions during which it rose from $20 to $30.50, gaining more than $10 in its overall valuation. Prior to that, LINK had crashed from $52.50 to $20, losing over $32 in its overall valuation. Let’s take a closer look with technical analysis.

    Chainlink Price Flips Parabolic SAR From Negative To Positive

    This Thursday, the Chainlink price reached an intra-day high of $33 and managed to flip the parabolic SAR from negative to positive. Over the last three days, LINK managed to flip the 200-day SMA from resistance to support. The MACD shows decreasing bearish momentum, as LINK marches towards the $34 resistance barrier.

    Image: LINK/USD daily

    LINK/USD daily chart 052721

    On the upside, the Chainlink price has a strong resistance barrier at $34. Previously, at this level, >10,000 addresses had purchased almost 26 million LINK tokens.

    Image: IntoTheBlock

    LINK/USD volume chart 052721

    More People Want LINK

    LINK Exchange Outflow Volume

    Glassnode noted:

    "LINK Exchange Outflow Volume (7d MA) just reached a 9-month high of 156,512.171 LINK Previous 9-month high of 138,782.276 LINK was observed on 07 September 2020”

    Along with outflows, large amounts of withdrawals as well

    LINK Exchange Withdrawals Volume

    "Number of Exchange Withdrawals (7d MA) just reached a 10-month low of 29.333 Previous 10-month low of 29.423 was observed on 30 March 2021"

    CurioInvest Integrates Chainlink 

    CurioInvest, an online investment platform, recently announced that it is now leveraging Chainlink Oracles live on Ethereum and eventually use Polkadot to obtain valuations for CTn tokens. CTns are Security tokens (tokens of the ERC-20 standard) representing rare vehicles in the real world. 

    In a blog post, the firm said that by leveraging Chainlink’s oracle infrastructure, CurioDAO is placed at the heart of the DeFi ecosystem as one of the most novel and sophisticated projects. The platform combines real-world assets like collectible vehicles with the blockchain and trusted data feeds. This would create a new form of DeFi collateral as well as an innovative asset-backed stablecoin.

    CurioInvest allows anyone in the world to buy security tokens backed by rare assets like supercars and use them as collateral for a loan to unlock liquidity. Additionally, it has rolled the Curio stablecoin (CSC), which "is pegged to the US dollar yet uniquely backed by real-world assets."

    The company noted that it chose Chainlink because it is a "time-tested and fully functional oracle network in the industry." It said:

    Not only does Chainlink already secures billions of dollars in value for many of the leading DeFi protocols, but it’s the most flexible solution in the market, with the ability to access any data type from any API.

    CurioInvest mentioned some of the attractive features of Chainlink. These include high-quality data, reliable nodes, decentralized infrastructure, etc. Fernando Verboonen, Co-Founder of CurioInvest, said:

    By integrating Chainlink Oracles, CurioInvest can bring an entirely new market of rare assets like collectible cars on-chain to DeFi, as well as provide reliable price benchmarks so holders can make better decisions and other DeFi applications can reliably integration CSC and CTns,” states Fernando Verboonen, Co-Founder of CurioInvest. “Our integration with Chainlink marks a major step towards CurioInvest’s goal of bringing liquidity to non-bankable assets, another major leap forward for the DeFi industry as a whole.

    Chainlink Price Is Expected To Reach These Levels

    If the Chainlink price continues its upward momentum, it will break down the $34 resistance wall and enter the $40 psychological level.

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