Chainlink Price Analysis: LINK Turns Bearish As It Drops Below $30
Daily Chainlink LINK Price Forecast
- The Chainlink price opened in the red during the current session, slipping below $30
- LINK had been quite bearish since the previous week and had pushed above $30 over the weekend.
The Chainlink price fell drastically during the current session, as sellers took control and pushed LINK below $30, with the price currently down by almost 10%. The current bearish sentiment is in stark contrast to the overall bullish sentiment around LINK since the previous week. LINK had pushed above $30 over the weekend and had made a strong start to the current week, with the price rising by almost 9% on Monday, pushing LINK to $32.38.
Chainlink Price Chart Indicates LINK Could Drop Towards $27
The Chainlink started the previous week on a negative note, as LINK fell by 3.11% on Monday, slipping below the 20-day SMA and settling at $25.71. However, the price recovered on Tuesday, registering a minor increase before pushing up by over 6% on Wednesday, moving up to $27.49, and pushing above the 20-day and 50-day SMA. LINK remained bullish on Thursday, as the price rose by 2.78%, pushing above the 200-day SMA and settling at $28.26.
Image: LINK/USD daily
After rising to $28.26 on Thursday, the Chainlink price continued to maintain its bullish run, as it rose to $28.66 on Friday. LINK surged on Saturday as the price rose by almost 10%, pushing above $30 and settling at $31.39. However, Sunday saw LINK fall into the red as the price dropped by 5.31%, falling to $29.72. The current week saw LINK start positively, as the price rose by almost 9%, moving to $32.38, and then posting a marginal rise on Tuesday. However, LINK took a bearish turn during the current session, as the price dropped drastically, with sellers taking control of the market and pushing the price below $30. While the Parabolic SAR and MACD are bullish, if the price continues to drop, we could see them flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $26.53. At this price level, over 28,000 addresses have bought more than 49 million LINK.
The 4-hour Chainlink price chart shows us that LINK had surged past the 20-bar and 50-bar SMAs on the 20th, rising to $28.74. After a marginal drop, the price rose to $29.48 before dropping again and settling at $28.62. After reaching this level, the price surged to $31.28 but dropped to $29.36, slipping below the 20-bar SMA. The price turned bullish after this, as it surged to $32.59 and then dropped to$31.84. After recovering and pushing up to $33.41, LINK dropped sharply as it fell to $29.53, slipping below the 20-bar SMA before the 50-bar SMA acted as support and propped up the price. We can see that the Parabolic SAR and MACD have both just flipped to bearish, indicating that the price could drop further.
Image: LINK/USD 4-hour
Benchmark Protocol Integrates Chainlink
Benchmark Protocol recently announced that it deployed Chainlink Keepers on the Ethereum blockchain to execute fully decentralized rebase functions for the MARK token. The crypto is a supply-elastic collateral utility designed to inject liquidity during high volatility times in correlation with global equities markets. Benchmark is a supply elastic collateral and hedging device platform.
The community can now dictate when rebases occur, thus decentralizing the underlying Benchmark Protocol Network even further. The integration of Chainlink Keepers takes a critical function (calling the rebase) and automates it based on triggers at certain time intervals. Every 12 hours, the rebase will be called automatically.
However, with the upcoming launch of the BEND token, the platform can adjust the rebase window and the trigger to whatever the majority of users select. It will then be possible for rebases to occur every minute, every second, or for every single transaction in the future.
The company said:
"Benchmark Protocol has chosen to work with Chainlink again because Chainlink has a proven track record of helping manage tens of billions of dollars in assets through its secure oracle solutions. Chainlink decentralized infrastructure continues to prove itself as robust, tamper-proof, and reliable even during times of extreme volatility and network congestion."
Benchmark said that it continues to work on the launch of its governance token, BEND, and its P2P Marketplace. Underlying these two innovations will be its MARK token, which is now more decentralized than ever and ready to scale. Chainlink Keepers will help ensure a consistent and trustless rebase event.
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK has fallen drastically during the current session, with sellers pushing the price even lower. If sellers maintain the current bearish sentiment, we could see the price drop to $26.