Chainlink Technical Analysis: LINK Crashes Towards 200-day SMA
Daily Chainlink LINK Price Analysis
- Chainlink price plunged from ~$17 since May 19th.
- MACD shows increasingly bearish market momentum.
Since May 19, the Chainlink price has crashed from $42.50 to $25, losing almost $17 in its overall valuation. Before this, LINK had crashed from May 10 to May 17 from $52 to $37.15. What does the technical picture look like? Let’s take a close look.
Chainlink Crashes Towards 200-day SMA
The Chainlink price crashed from $42.50 to $25 losing nearly 40% of its overall valuation. There are two signs that show that a further drop in price is on the cards. Firstly, the MACD indicates increasing bearish market momentum. Secondly, the relative strength index (RSI) shows us that the LINK could drop some more before it becomes oversold.
Image: LINK/USD daily
The only thing that’s blocking the way for Chainlink price bears is the 200-day SMA. As per the IOMAP, previously, at this level, 12,000 addresses had purchased almost 11.7 million LINK tokens.
Chainlink Median Transaction Volume Reaches 1-Month High
This metric calculates the median value of a transfer. Only successful transfers are counted. LINK Median Transaction Volume (7d MA) just reached a 1-month high of 102.888 LINK Previous 1-month high of 101.666 LINK was observed on 22 May 2021
Chainlink Price Is Expected To Reach These Levels
As things stand, the market momentum is overwhelmingly bearish. The 200-day SMA doesn’t seem strong enough to block this downward surge.