Chainlink Technical Analysis: LINK Sits On Top Of The 50-day SMA
Daily Chainlink LINK Price Analysis
- Chainlink price has flashed multiple sell signals.
- A further break could take LINK down to $34 support.
- The 20-day SMA has flipped from support to resistance.
- The MACD shows increasing bearish market momentum.
- The parabolic SAR has reversed from positive to negative.
Between April 25 and May 9, LINK price jumped from $31 to $52 between gaining ~65% in its overall valuation. Since then, the Chainlink price has crashed from $52.25m to $38. During this crash, Link has managed to flip the 20-day SMA from support to resistance.
50-day SMA Prevents Chainlink Price Downtrend
The Chainlink price has flashed multiple sell signals in the daily chart:
Image: LINK/USD daily
As you can see, the Chainlink price is sitting on top of the 50-day SMA ($38). Previously, at this level, 9,300 addresses had purchased almost 20.34 million LINK tokens.
Chainlink Price Is Expected To Reach These Levels
Now that the Chainlink price has dropped to the 50-day SMA, a further break could take LINK down to the $34 support level.