Chainlink Technical Analysis: LINK Upward Momentum Blocked By 200-day SMA
Daily Chainlink LINK Price Analysis
- The Chainlink price bounced up from the $26.15 support wall.
- LINK flipped parabolic SAR from positive to negative.
The Chainlink price bounced up from the $26.15 support wall and reached $26.70 this Wednesday, following a bearish Tuesday when it crashed from $28 to $26.15. During Tuesday’s drop, LINK also managed to flip the parabolic SAR from positive to negative. Previously, between August 13 and August 17, LINK had met continuous resistance at the 200-day SMA.
Chainlink Price 3-Week Bullish Rally Blocked By 200-day SMA
Before the 200-day SMA decided to act spoilsport, the Chainlink price has been on an almost 3-week bullish rally. Between July 21 and August 15, LINK rose from $13.65 to 200-day SMA ($28). The MACD indicates sustained bullish market momentum.
Image: LINK/USD daily
As per IntoTheBlock’s IOMAP, the Chainlink price faces immediate resistance at $27. Previously, at this level, 20,000 addresses had purchased almost 14.45 million LINK tokens at this line.
Cronos Network integrates Chainlink Competitor Band Protocol
Crypto.com’s parallel chain, Cronos, is integrating Band Protocol to provide reliable and trustless data for decentralized finance (DeFi) applications running on it.
In a recent statement, Cronos announced the integration of Band Protocol oracle solution to enhance the development of DeFi applications on its network. The integration with Band Protocol will allow DeFi applications to source real-world external data and relay it on smart contracts.
This allows developers on Cronos to leverage the high-performance decentralized network and build custom DeFi apps on a network that enhanced utility, security, and accessibility to external data.
Kris Marszalek, the CEO of Crypto.com said:
"The addition of Band Protocol into the Cronos ecosystem comes highly recommended to all developers to connect any external data source and customize their decentralized oracles, which is essential for DeFi Dapps that need high quality, decentralized, real time external financial data to run."
Cronos, the Ethereum Virtual Machine (EVM)-compatible chain running in parallel to the Crypto.org Chain, aims at providing solutions that massively and rapidly grow the adoption of the DeFi ecosystem. DeFi developers can rapidly port apps from EVM-compatible chains to reduce the gas costs and minimize the low latency problems on Ethereum.
The integration with Band Protocol will see Cronos integrate the price feeds from the decentralized oracle as a “trusted partner”, the statement reads. In return, Band Protocol will also fetch data from Cronos and include the prices to its oracle enabling scaling on the oracle.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price must overcome resistance at $27 to reverse the downward trend.