Chainlink Price Analysis: LINK Fails To Push Past $20, Drops Back To $19 

Daily Chainlink LINK Price Forecast

By
Last Updated December 14th 2021
3 Min Read
  • The Chainlink price is currently down by almost 6%, as sellers drove the price down during the ongoing session. 
  • LINK was quite bullish over the weekend and had risen to $20 on Sunday. 

The Chainlink price fell significantly during the ongoing session, as sellers took control of the current session and drove the price down considerably. LINK was quite bearish leading up to the weekend, as the price dropped by 8.45% on Friday and settled at $18.56. However, the weekend saw a strong recovery, with LINK rising by over 7% on Saturday and moving up to $19.95. The price continued to push up on Sunday, as LINK ended the weekend at $20.43 before dropping on Monday. 

Chainlink Price Chart Indicates Sellers Looking To Push LINK Below $19 

The Chainlink price started the previous weekend on a highly bearish note, falling by over 11% on Saturday. The price continued to drop on Sunday, as it fell by 5.68% to end the weekend at $19.51. Monday got off to a positive start for LINK, registering an increase of 1.74%, rising to $19.85. On Tuesday, the price continued to increase as it moved up to $21.10, after rising by 6.30%. Wednesday saw another significant increase, as LINK rose by almost 9% and settled at $22.93.

Image: LINK/USD daily

LINK/USD daily chart 121421

Despite the bullish sentiment, the Chainlink price dropped on Thursday, falling by 11.60% and settling at $20.27. The price continued to drop on Friday, falling by a further 8.45% and settling at $18.56. The weekend saw LINK recover, as the price pushed up by 7.49% on Saturday and moved to $19.95. The price pushed up further on Sunday, rising to $20.43. However, LINK was back in the red on Monday, with the price currently down by almost 6%, as sellers look to push the price below its support level of $18.

We can see that the Parabolic SAR is currently bullish, but if the price continues to drop, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $20.20. At this price level, over 5000 addresses have sold more than 13 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 121421

The 4-hour Chainlink price chart shows us that LINK had pushed above the 20-bar SMA on the 7th when the price rose to $20.03. LINK continued to push from this level, rising to $22.19. The price then pushed above the 50-bar SMA on the 8th, rising to $22.93. LINK could not stay at this level and dropped significantly, slipping below the 20 and 50-bar SMAs and falling to $18.56 on the 11th. The price pushed up to $19.95 but could not move past the 20 and 50-bar SMAs until the 12th; then LINK rose to $20.40 before dropping to its current level of $19.

We can see that the Parabolic SAR has flipped to bearish. If the price continues to drop, we could see the MACD flip to bearish as well.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 121421

Chainlink Price Is Expected To Reach These Levels

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