Chainlink Price Analysis: LINK Drops As Bears Dominate Weekend
Daily Chainlink LINK Price Forecast
- The Chainlink price dropped considerably over the weekend, as it slipped below $34.
- LINK was quite bullish leading up to the weekend, with the price set to cross $35 before sellers took over.
The Chainlink price registered a sharp drop over the weekend, as the price went from bullish to bearish. LINK had been quite volatile during the week, and after pushing up to $34 on Thursday, the price fell on Friday, dropping to $34.28. The weekend saw the bearish sentiment continue, as sellers pushed the price down by 0.79% on Saturday. The current session sees LINK down by almost 1.50%, as sellers look to push the price towards $30.
Chainlink Price Chart Indicates LINK Could Drop To 20-Day SMA
The Chainlink price was quite bullish prior to the weekend and had started the previous weekend in the green, rising by over 6% on Friday. However, the price fell back on Saturday, dropping to $32.07, before a marginal recovery on Sunday saw LINK end the weekend on a slightly positive note. Monday saw LINK surge by 6.56%, as buyers pushed the price to $34.46 before it dropped to $33.82 on Tuesday. LINK was highly volatile on Wednesday but eventually settled at $34.22, registering an increase of 1.16%,
Image: LINK/USD daily
After pushing up on Wednesday, the Chainlink price pushed further on Thursday, rising to $34.70. However, after reaching this level, LINK turned bearish, as the price dropped by 1.22% on Friday. The price continued to drop over the weekend, as LINK registered a marginal drop on Saturday, continuing to drop during the current session. We can see that LINK is currently down to $33, and the MACD has just flipped to bearish. If the price continues to drop, we could see the Parabolic SAR also flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $28.97. At this price level, more than 22,000 addresses bought over 29 million LINK.
The 4-hour Chainlink price chart shows us that LINK had risen above the 20 and 50-bar SMAs on the 8th, rising to $34.23. The price continued to push up, rising marginally to $35.17, before dropping to $33.72, where the 20-bar SMA was acting as support. LINK rose drastically from this level, rising to $38.11, before dropping back to $34.22. LINK rose to $36 but turned bearish and dropped to $33.44 as it slipped below the 20-bar SMA. With the 50-bar SMA now acting as support, the price stabilized at this level but could not push beyond the 20-bar SMA and stopped to its current level of $33, slipping just below the 50-bar SMA.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we see that LINK is quite bearish, with the price dropping over the weekend. If the current sentiment persists, LINK could drop to $32, where the 20-day SMA could act as support. If sellers pierce this level of support, then the price could drop to $29.