Chainlink Technical Analysis: LINK Falls After Charting Bearish Cross
Daily Chainlink LINK Price Analysis
- Chainlink price had earlier flashed the buy signal in the TD detector.
- LINK has healthy support at $23.
Between June 4 and June 11, the Chainlink price crashed from $32 to $21.50, flipping both the 20-day and 50-day SMAs from support to resistance. How has LINK fared since then? Let’s take a closer look.
Chainlink Price Faces Strong Resistance Upfront
On June 12, the Chainlink price flashed the buy signal in the form of a red-nine candlestick in the TD sequential detector. Following that, LINK jumped to $25 over the next two days. However, there is a strong resistance barrier at $26, which sees the confluence of the 20-day and 200-day SMAs. On June 15, the 200-day SMA had crossed over the 20-day SMA to form the bearish cross. Since then, LINK has fallen to $23.40.
Image: LINK/USD daily
The Chainlink price faces strong support at $23. As per the IOMAP, over 15,000 addresses had purchased almost 9.25 million LINK tokens at this level.
Chainlink Price On-Chain Analysis
"$LINK Number of Active Addresses (7d MA) just reached a 7-month low of 353.548. Previous 7-month low of 353.595 was observed on 16 June 2021."
Chainlink Price Is Expected To Reach These Levels
As we can see, the buyers face a major obstacle with the 20-day and 200-day SMAs upfront. If they manage to cross that, the Chainlink price will look to reach $30. However, failure to do so will take LINK down to the $20 psychological level.