Chainlink Technical Analysis: LINK Flips 20-day SMA From Resistance To Support
Daily Chainlink LINK Price Analysis
- Chainlink price aims for 50-day SMA.
- MACD shows increasing bullish market momentum.
On May 30, the Chainlink price bounced up from the $25 support wall and reached $32. Since then, LINK has been trending horizontally around this level. Since May 25, Chainlink price has been trending between the 200-day SMA and the $33 resistance barrier.
Chainlink Price Breaks Above Critical Level
In the daily Chainlink price chart, LINK has flashed three separate buy signals:
- Flipping the 20-day SMA from resistance to support.
- Increasing bullish market momentum in the MACD.
- The parabolic SAR has reversed from negative to positive.
Image: LINK/USD daily
Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces strong resistance at the 50-day SMA. Previously, at this level, nearly 10,000 addresses had purchased almost 19 million LINK tokens.
Chainlink Investors On Hold Mode
"LINK Exchange Inflow Volume (7d MA) just reached a 1-month low of $1,742,912.86 Previous 1-month low of $1,757,076.12 was observed on 03 May 2021."
Chainlink Price Is Expected To Reach These Levels
Now that the Chainlink price has broken above the 20-day SMA the buyers will now need to take down the 50-day SMA.