Chainlink Technical Analysis: LINK Flips Crucial Level

Daily Chainlink LINK Price Analysis

Last Updated July 26th 2021
2 Min Read
  • Chainlink price upside blocked by 20-day SMA.
  • The MACD and parabolic SAR has reversed from bearish to bullish.

The Chainlink price crashed from $20 to $13.70 between July 7 and July 20. During this fall, LINK flashed the following three sell signals:

  • Flipped the 20-day SMA from resistance to support.
  • Reversed the parabolic SAR from positive to negative.
  • Flipped the MACD from green to red.

Chainlink Price Blocked By 20-day SMA

Between July 21 and July 24, the Chainlink price had four straight bullish sessions, during which it jumped from $13.70 to $16.65. However, after encountering resistance at the 20-day SMA, LINK has dropped to $16.50.  Due to this growth, the MACD has reversed from red to green.

Image: LINK/USD daily

LINK/USD daily chart 072621

As per IntoTheBlock’s IOMAP, the Litecoin price has a strong resistance barrier at $18.50. Previously, at this level, 8,200 addresses had purchased almost 22.7 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 072621

LuxFi To Launch Chainlink Node

LuxFi, a luxury asset-backed NFT DeFi solution, recently announced it is launching its own official Chainlink node to make its premium luxury goods data available on blockchains. Chainlink is a blockchain middleware that allows traditional APIs to become easily compatible with blockchain networks. Through the LuxFi Chainlink node, the firm said it can supply and sell its data directly to smart contract applications running on blockchains. 

In a blog post, LuxFi said that it can now cryptographically sign its data to provide users with strong assurances that it originated directly from our API without tampering, making it even more reliable for use in automated applications. LuxFi's Chainlink node will provide a variety of datasets about the luxury market, such as SKUs, primary and secondary market prices, and market trends, per the blog. Smart contract developers and blockchain-enabled luxury goods companies can use this data to build various dApps. 

"LuxFi’s data intelligence system is able to convert raw data from social media and sales channels, SKUs, and various luxury brands into valuable information and business insights for decision-makers. We leverage machine learning and image recognition to cleanse, curate, and build a robust database that’s useful to buyers, sellers, brands and retailers, and consulting firms in the luxury market industry."

LuxFi noted that it chose Chainlink as the "most time-tested and widely adopted oracle solution by both data providers and smart contract developers." Aidaa Wong, CEO and Founder of LuxFi:

"Launching a Chainlink node will provide us with an oracle solution that seamlessly integrates our existing API datasets into blockchain-based markets, opening up new revenue streams for our company and allowing innovative applications to be built by developers. The luxury market can benefit tremendously from blockchain technology, and we believe that through Chainlink our data will be highly useful for pricing and verifying luxury assets on-chain for smart contracts."

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price conquers the 20-day SMA and the $18.50 resistance levels it should reach the $20 psychological level with ease.

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