Chainlink Price Analysis: LINK Looks To Push Above $25 After Bullish Session 

Daily Chainlink LINK Price Forecast

By
Last Updated January 17th 2022
3 Min Read
  • The Chainlink price is up by nearly 3% during the current session. 
  • LINK had registered a sharp drop on Thursday, falling over 7% to $24.86. 

The Chainlink price has registered a significant increase during the current session as buyers look to push it above $25. LINK had reported a significant drop on Thursday, falling by 7.14% and slipping below $25 to $24.86. The price recovered on Friday, rising by 3.52% and settling at $25.74. However, Saturday saw LINK drop back in the red, falling over 2% to $25.18, before recovering during the ongoing session. 

Chainlink Price Chart Indicates LINK Could Push Above $25 

The Chainlink price was quite bullish at the start of the previous weekend and had registered an increase of over 2% on Friday. However, the price was back in the red on Saturday, dropping by 2.45% and then surging by nearly 9% on Sunday to end the weekend on an extremely bullish note at $27.54. LINK started the week on a bullish note, as it rose by 1.60% to move to $27.98. Despite the bullish sentiment, Tuesday saw LINK fall back in the red, dropping by nearly 5% and settling at $26.60.

Image: LINK/USD daily

LINK/USD daily chart 011722

After dropping to $26.60 on Tuesday, the Chainlink price registered a marginal recovery on Wednesday, rising by 0.66%. LINK was back in the red on Thursday, dropping by over 8% and settling at $24.86, where the 200-day SMA acted as support. As a result, LINK pushed back up on Friday, rising to $25.74 before dropping back and settling at $25.18. The current session sees LINK up by nearly 3%, as buyers look to push LINK above $25.

We can see that the Parabolic SAR has flipped to bearish, indicating that LINK could drop thanks to the resistance at $26.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $23.21. At this price level, over 21,000 addresses have bought more than 60 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 011722

The 4-hour Chainlink price chart shows us that LINK had pushed up to $26.77 on the 12th. The price fell back from this level, dropping to $26.09 and then slipping below the 50-bar SMA and $25, dropping to $24.68. The price registered a marginal increase from this level before falling back and dropping to $24.24 on the 14th. LINK made a strong recovery from this level, rising above the 20-bar SMA and settling at $25.92. With the 20-bar SMA acting as support, LINK was able to stay at this level for the next few sessions before slipping below the 20-bar SMA and dropping to $24.95. The price then recovered from this level, pushing back above the 20-bar SMA and moving to its current level, which is oscillating between $25 and $26.

We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 011722

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has recovered during the current session after dropping over 2% on Saturday. If buyers retain the session, we could see LINK test the resistance at $26. However, if sellers take the session, LINK could drop below $25.