Chainlink Price Analysis: LINK Drops Back In the Red, Fails To Push To $20

Daily Chainlink LINK Price Forecast

By
Last Updated December 17th 2021
3 Min Read
  • The Chainlink price has fallen back during the ongoing session, as sellers took control of the session. 
  • LINK had been quite bullish over the past couple of sessions and had risen to $19.69. 

The Chainlink price fell back during the current session, with LINK currently down by over 2%. LINk had started the week on a very bearish note, crashing by almost 13% on Monday and dropping to $17.78. LINK recovered on Tuesday, as it pushed back up to $18.45 before rising by almost 7% on Wednesday and settling at $19.69 before dropping back during the ongoing session. 

Chainlink Price Chart Indicates LINK Could Drop Below $19 

The Chainlink price pushed up by almost 2% on Monday, as it started the previous week on a reasonably positive note. LINK continued to push up on Tuesday, rising by over 6% and settling at $21.10. The price rose further on Wednesday, as it went up by 8.68%, settling at $22.93. However, after reaching this level, the price fell back, dropping by over 11% on Thursday and settling at $20.27. The price continued to drop on Friday, as it fell by over 8%, settling at $18.56.

Image: LINK/USD daily

LINK/USD daily chart 121721

After dropping to $18.56 on Friday, the Chainlink price recovered over the weekend, rising by 7.49% on Saturday and moving to $19.95. LINK continued to push up on Sunday, moving up to $20.43, but fell back drastically on Monday, dropping by almost 13% and falling to $17.78. LINK recovered on Tuesday, rising by almost 4% and moving to $18.45 before another increase on Wednesday took the price to $19.69.

The current session sees LINK down marginally. If the price continues to drop, we could see the Parabolic SAR flip from bullish to bearish.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $19.97. At this price level, over 5700 addresses have sold more than 13 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 121721

Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped to $18.56 on the 11th. The price pushed up from this level, rising to $20.06, but could not move past the 20 and 50-bar SMAs. The price was able to push past this level only on the 12th when it rose to $20.40. However, LINK could not stay at this level and dropped back below the 20 and 50-bar SMAs, falling to $17.78. LINK gradually pushed up to $18.48 but could not move past the 20-bar SMA and dropped to $17.28 on the 15th. LINK pushed up significantly from this level, pushing above the 20-bar SMA and moving to $18.88, and then going above the 50-bar SMA to move to $20.26 before dropping to its current level of $19.

We can see that the MACD is bullish, but if the price continues to drop, we could see it flip back to bearish.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 121721

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, LINK has dropped off during the ongoing session. If the current sentiment persists, we could see LINK drop to its support level of $18.