Chainlink Price Analysis: LINK Continues To Drop, Slips Below $20 

Daily Chainlink LINK Price Forecast

Last Updated December 6th 2021
3 Min Read
  • The Chainlink price dropped significantly over the weekend, dropping below $20 
  • LINK had registered a significant drop on Saturday, as it fell by over 11% to $20.68. 

The Chainlink price continued to drop during the ongoing session as sellers pushed the price below $20. Since Thursday, LINK has been in the red when it dropped to $24.56. The price continued to drop on Friday, falling by almost 5%, before seeing a significant drop on Saturday, as sellers pushed the price down by over 11%, dropping it to $20.68. The current session sees sellers in control, with the price having slipped below $20. 

Chainlink Price Chart Indicates LINK Could Drop to $18 

The Chainlink price had slipped below the 200-day SMA on Friday (26th) as LINK entered the previous weekend on a bearish note, dropping by 9%. The price recovered over the weekend, as it pushed up marginally on Saturday before settling at $24.78, rising by 2.77% on Sunday. LINK continued to push up on Monday, starting the week on a positive note, registering an increase of 0.92%. Tuesday saw the price push higher to $25.33, but with the 200-day SMA coming into play at this level, LINK could barely register any movement on Wednesday.

Image: LINK/USD daily

LINK/USD daily chart 120621

After pushing up to $25.33 on Wednesday, the Chainlink price fell back on Thursday, falling by over 3%. LINK continued to drop on Friday, as sellers pushed the price down by almost 5%, with LINK settling at $23.32. The biggest drop of the weekend occurred on Saturday, as LINK fell by over 11% and settled at $20.68. The current session sees the price down by over 4%, with sellers looking to push the price further down.

According to the RSI, we can see that the price has slipped below the neutral zone. As a result, we could see some buying activity until the price pushes back into the neutral zone.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $21.12. At this price level, over 4000 addresses have sold more than 9 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 120621

Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped below the 20-bar SMA on the 26th, falling to $23.36. The price pushed up marginally from this level before moving above the 20-bar SMA on the 29th, moving to $24.78. With the 20-bar SMA acting as support, ADA was able to stay at this level for the next few sessions before rising above the 50-bar SMA and settling at $26.12. The price rose marginally from this level, rising to $26.40, before dropping below the 20 and 50-bar SMAs to $24.56. ADA could not push past this level until the 3rd, when it rose to $25.61 but fell back from this level, slipping back below the 20 and 50-bar SMAs and settling at $21.97. LINK pushed up to $20.68 from this level before dropping to its current level of $19.88.

We can see that the MACD is currently bearish, indicating that we could see the price push further down. 

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 120621

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has been extremely bearish over the past few sessions. If the current sentiment persists, we could see LINK drop below $18.