Chainlink Technical Analysis: LINK Sandwiched Between Strong Levels
Daily Chainlink LINK Price Analysis
- Chainlink price held down by $48.50 resistance barrier.
- The MACD shows sustained bullish market momentum.
The Chainlink price jumped from $31 to $52 between April 25 to May 9 as it gained ~65% in its overall valuation. During this upward surge, LINK managed to flip the 20-day SMA and the parabolic SAR from negative to positive. Following this, LINK has been pretty much stuck between strong levels.
Chainlink Price Struggles At $48.50 Resistance
Except for a brief bullish surge (which was followed by an immediate correction), the Chainlink price is sandwiched between two strong levels - $48.50 and $46. The parabolic SAR has reversed from positive to negative. Similarly, the MACD shows sustained bullish momentum.
Image: LINK/USD daily
Chainlink price faces strong resistance at $48.50, wherein >4,000 addresses had purchased almost 2.7 million LINK tokens.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price will need to cross the $48.50 resistance barrier and take down the $50 psychological level and reach its all-time high ($52.88) level again.