Chainlink Price Analysis: LINK Finds Support At $20, Looks To Push Back To $21 

Daily Chainlink LINK Price Forecast

Last Updated December 30th 2021
2 Min Read
  • The Chainlink price has pushed back up marginally during the ongoing session. 
  • LINK had registered a sharp drop on Tuesday, falling by over 11%. 

The Chainlink price pushed up during the current session as it found support at $20, thanks to the 20-day SMA. LINK had registered a drop of over 3% on Friday, falling to $21.47. However, the price pushed back over the weekend, rising by 3% on Saturday. The price continued to push up on Sunday, rising to $22.98 after registering an increase of almost 4%. After a marginal increase on Monday, LINK fell back by over 11% on Tuesday, dropping to $20.37. 

Chainlink Price Chart Indicates LINK Could Push To $21

The Chainlink price started the previous week by registering a marginal drop on Monday before rising by 3.51% on Tuesday and settling at $19.44. The price continued to push up on Wednesday, rising to $19.92. LINK pushed above the 20-day SMA on Thursday, rising by over 11% and settling at $22.17. Despite the bullish sentiment, the price fell back on Friday, dropping by over 3% and settling at $21.19.

Image: LINK/USD daily

LINK/USD daily chart 123021

After falling to $21.19 on Friday, the Chainlink price pushed up over the weekend, rising by 3% on Saturday and settling at $22.11. The price continued to increase on Sunday, rising by nearly 4% and ending the weekend at $22.98. LINK remained in the green on Monday, with the price registering a marginal increase before dropping back by over 11% and settling at $20.37, where the 20-day SMA acted as support. The current session sees LINK marginally up, as buyers look to push the price to $21.

The Parabolic SAR is currently bullish, indicating that we could see the price push higher.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.50. At this price level, over 16,000 addresses have sold more than 43 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 123021

The 4-hour Chainlink price chart shows us that LINK had surged to $22.18 on the 24th, going above the 200-bar SMA. The price was able to stay at this level, thanks to the 200-bar SMA acting as support, before dropping back to $21.47, slipping back below the SMA. The price pushed back up from this level, rising to $22.11 and going back above the 200-bar SMA before dropping back to $21.21. The price surged from this level, going past the 20 and 200-bar SMAs, and rising to $24.22 on the 27th. However, the price fell significantly from this level, slipping back below all three SMAs and settling at its current level of $20.

We can see that the MACD is currently bearish, but we could see it flip to bullish if the price can recover.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 123021

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has made a marginal recovery during the current session. If buyers can manage to retain control of the session, we could see LINK rise to $21 and beyond.