Chainlink Technical Analysis: LINK Faces Immediate Resistance At $30
Daily Chainlink LINK Price Analysis
- Chainlink price had two straight bullish sessions after three straight bearish ones.
- LINK’s strongest support wall is at the 200-day SMA ($25.50).
The Chainlink price dropped from $34.15 on May 27 to the 200-day SMA ($25.45) on May 29. After bouncing up from this level, the buyers have managed to push LINK up to $29.40. Prior to all this, between May 10 and May 23, LINK had plummeted from $52.50 to $20.
Chainlink Price Faces Down Key Resistance Barrier At $30
The Chainlink price jumped up from the 200-day SMA this Sunday and went from $25.15 to $29.15 over the next two days. The overall sentiment for the market is positive as seen by the parabolic SAR. The MACD shows that it is on the verge of flipping from bearish to bullish thanks to this recent surge.
Image: LINK/USD daily
On the upside, the Chainlink price has a healthy resistance barrier at $30. Previously, at this level, 15,000 addresses had purchased almost 33.25 million LINK tokens.
Number Of Sending And Receiving Chainlink Addresses Going Down
"Number of Receiving Addresses (7d MA) just reached a 1-month low of 311.940"
“Number of Sending Addresses (7d MA) just reached a 1-month low of 274.030. Previous 1-month low of 274.476 was observed on 15 May 2021.”
Chainlink Price Is Expected To Reach These Levels
The buyers will need to push the Chainlink price above the $30 resistance barrier. If they break above this level, LINK will reach the 20-day SMA ($32.50).