Chainlink Technical Analysis: LINK Reverses Key Indicator From Bearish To Bullish

Daily Chainlink LINK Price Analysis

2 Min Read
Last Updated July 23rd 2021
  • Chainlink price faces major resistance at 20-day SMA.
  • The MACD shows increasing bullish momentum.
  • From June 4 to June 22, the Chainlink price crashed from $32 to $17 and flipped the 20-day and 200-day SMAs from support to resistance. During this fall, LINK also managed to reverse the parabolic SAR from positive to negative during the drop. Here’s what happened next.

    Chainlink Price Flips Parabolic SAR From Negative To Positive

    Since June 23, the Chainlink price has gone through several ups and downs and went from $16.85 to $19.15. The MACD shows increasing bullish market momentum so LINK will probably pass the $20 psychological level. Plus, the parabolic SAR has reversed from negative to positive, which is a bullish sign.

    Image: LINK/USD daily

    LINK/USD daily chart 063021

    The Chainlink price faces major resistance at the 20-day SMA ($19.50). As per the IOMAP, 9,000 addresses had purchased almost 5.45 million LINK tokens at this level. 

    Image: IntoTheBlock

    LINK/USD volume chart 063021

    Connexun Integrates Chainlink

    AI news engine platform Connexun recently announced that the Connexun Chainlink node is now live on mainnet, enabling smart contracts to access its premium news event data directly on-chain. In an official blog post, the firm said that devs can now call its Chainlink node to get a cryptographically signed sentiment index for the crypto industry. 

    The index is based on recently published news articles across the globe. The solution is ideal for those looking for real-time sentiment data on distinct cryptocurrencies or looking for the real-time score on the industry as a whole, the firm noted. 

    Connexun noted that the data is powered by tens of thousands of news sources screened daily in different languages. It also plans to bring additional datasets on-chain like political election outcomes, important legislation passings, and major market or business events. 

    The news platform added that Chainlink provides a "quick and easy way to get our existing suite of APIs compatible with leading blockchain networks." Connexun mentioned that the node setup process was also very straightforward, ultimately introducing its data into a vast array of blockchain-based markets.

    Nikhil Aggarwal, Co-Founder of Connexun, said:

    "Making news data available on-chain for smart contract developers is an exciting milestone for us and the blockchain ecosystem as a whole. It allows decentralized applications to be built specifically around news and ongoing sentiment, meaning people can get exposure to future market outcomes and automate real-time decision making based on current event data. There are many exciting possibilities, and we’re thrilled to enable it through our Chainlink node."

    Chainlink Price Is Expected To Reach These Levels

    The buyers will need to push the Chainlink price above the 20-day SMA and break past the $21 resistance to reach the $25 psychological level.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.