Chainlink Technical Analysis: LINK Flashes Buy Signal With Red Nine Candlestick In The Daily Chart
Daily Chainlink LINK Price Analysis
- Chainlink price stuck between crucial levels.
- MACD shows sustained bearish market momentum.
The Chainlink price crashed from $32 to $21.70 between June 4 and June 11, flipping the 20-day and 200-day SMAs from support to resistance. Prior to this crash, Chainlink was hovering horizontally around $32 between June and June 3. Let’s take a closer look with technical analysis.
Chainlink Price Goes Up After Flashing Buy Signal
Since June 11, the Chainlink price has gone up slightly to $22.20. This Saturday, LINK flashed the buy signal in the form of a red-nine candlestick. The MACD still shows sustained bearish momentum, so a break above the $23 barrier seems unlikely.
Image: LINK/USD daily
The Chainlink price faces strong resistance at $23. As per the IOMAP, over 15,200 addresses had purchased almost 4.58 million LINK tokens at this level.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price must overcome resistance at the $23 resistance barrier. Upon doing that, LINK will reach the $25 psychological level.