Chainlink Technical Analysis: LINK Flips 20-day SMA From Resistance To Support

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
1 Min Read
  • 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:

    1. Flipping the 20-day SMA from resistance to support.
    2. Increasing bullish market momentum in the MACD.
    3. The parabolic SAR has reversed from negative to positive.

    Image: LINK/USD daily

    LINK/USD daily chart 060421

    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. 

    Image: IntoTheBlock

    LINK/USD volume chart 060421

    Chainlink Investors On Hold Mode

    LINK Exchange Inflow Voloune

    Glassnode tweeted:

    "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.