- The Chainlink price fell by almost 9% on Tuesday after a very bearish session.
- The current session sees LINK trying to stage a recovery, with the price currently up marginally.
The Chainlink price is up marginally during the current session, as buyers look to push it above the 50-day SMA. LINK has been quite bearish since the weekend, with the price dropping by 0.79% on Saturday. The price continued to drop on Sunday, as the price dropped to $33.75. Monday did not see any recovery, as the price dropped by over 5%, slipping below the 20-day SMA and settling at $32.05. Tuesday saw a drastic fall, as sellers pushed the price down by almost 9%, with LINK settling at $29.17.
Chainlink Price Chart Indicates LINK Could Push Past $30
The Chainlink price started the previous week on a very bullish note, as it pushed up by 6.56% on Monday to move to $34.46. However, the price fell back on Tuesday, registering a drop of 1.85% and dropping to $33.82. LINK recovered on Wednesday as it rose to $34.22 and then to $34.70 on Thursday, registering an increase of 1.42% on Thursday. LINK fell back on Friday despite the bullish sentiment, as the price fell by 1.22% and settled at $34.28.
Image: LINK/USD daily
The Chainlink price continued to remain bearish over the weekend, as the price fell by 0.79% on Saturday and then by 0.76% on Sunday to end the weekend at $33.75. On Monday, the price continued to drop, slipping below the 20-day SMA and settling at $32.05 after falling by over 5%. Tuesday saw an even bigger drop, as LINK fell by 8.97%, dropping to $29.17, where the 50-day SMA acted as support.
The current session sees LINK make a marginal recovery, and if the price continues to push up, we could see the MACD and Parabolic SAR flip from bearish to bullish.
Looking at IntoTheBlock’c IOMAP for the Chainlink price, we can see that LINK has strong support at around $28.11. At this price level, over 20,000 addresses have bought more than 65 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that after pushing up to $36.44 on the 11th, LINK dropped below the 20-bar SMA and settled at $33.44, where the 50-bar SMA acted as support. With the 20-bar SMA now acting as resistance, the price could only push up to $34.28 before falling back. LINK slipped below the 50-bar SMA on the 14th, as it slipped to $33.05. The 20 and 50bar SMAs also performed a bearish cross on the 14th. LINK did post a marginal recovery from this level, rising to $34.26, but turned bearish and dropped drastically to $29.95, slipping below the 200-bar SMA. The price continued to drop from this level, as LINK fell to $28.47 before rising to its current level of $29.
We can see that LINK has pushed up during the current session. If the bullish sentiment persists, then we could see the Parabolic SAR and MACD flip to 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 made a marginal recovery during the current session. If the current sentiment persists, then we could see the price push past $30.