- The Chainlink price is currently down by nearly 4%, as sellers drove the price down significantly.
- LINK had gotten off to a fairly strong start on Wednesday but fell back and ended the session down by 1.69%.
The Chainlink price slipped below $14 during the ongoing session as the bearish sentiment returned to the market, with LINK down by nearly 4%. LINK has been extremely bearish during the ongoing week, registering a drop of over 6% and falling to $15.59. The price remained in the red on Tuesday, falling by 0.57% and then dropping by 1.69% on Wednesday to settle at $15.24. The current session saw LINK continue to drop as it slipped below the $15 level.
Chainlink Price Chart Indicates LINK Could Slip Below $14
The Chainlink price started the previous week on an extremely bearish note, registering a drop of nearly 7%, slipping below the 200 and 20-day SMAs, and settling at $23.81. The price continued to drop from this level, falling to $22.97, and then slipped below the 50-day SMA on Wednesday, when LINK dropped to $21.55. Thursdays saw LINK remain bearish, falling over 6% and settling at $20.20, and then slipping below the $20 level on Friday when the price dropped nearly 14% to $17.43.
Image: LINK/USD daily
After Friday’s significant drop, the Chainlink price continued to fall on Saturday, as it fell by over 9% and settled at $15.86. Despite the bearish sentiment, LINK was able to register a recovery on Sunday, rising by 5.02% and settling at $16.65. However, Monday saw LINK back in the red, as it fell by 6.41% and settled at $15.59. On Tuesday and Wednesday, the price continued to drop, falling by 0.57% and 1.69%, respectively, to settle at $15.24. The current session sees LINK below $15, as sellers drive the price even lower.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $15.77. At this price level, over 8000 addresses have sold more than 10.3 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had pushed up to $22.69 on the 20th. At this level, the 20-bar SMA was acting as resistance, and the price fell back, dropping to $19.16. LINK continued to drop from this level, falling to $15.41 on the 22nd, before recovering and rising to $16.65. However, the 20-bar SMA again came into play as resistance, and LINK dropped to $13.97 on the 24th. LINK was able to make a strong recovery from this level, as it rose to $15.59 and then pushed above the 20-bar SMA, rising to $16.09. After reaching this level, the price fell back below the 20-bar SMA and moved to its current position of $14.
We can see that the Parabolic SAR has flipped to bearish, indicating a price drop. However, the MACD continues to remain bullish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK has remained in the red during the current week and has registered a significant drop during the ongoing session. If the current sentiment persists, we could see LINK slip below $14, but if the price can recover, then we could see it push back above $15.