Chainlink Technical Analysis: LINK Sits On Top Of The 50-day SMA

Daily Chainlink LINK Price Analysis

Last Updated July 23rd 2021
1 Min Read
  • Chainlink price has flashed multiple sell signals.
  • A further break could take LINK down to $34 support.
  • 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:

    • 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.

    Image: LINK/USD daily

    link/usd daily chart 051821

    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. 

    Image: IntoTheBlock

    link/usd volume chart 051821

    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.

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