Chainlink Price Analysis: LINK Pushes Above $21 As Markets Continue To Recover 

Daily Chainlink LINK Price Forecast

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Last Updated December 9th 2021
3 Min Read
  • The Chainlink price pushed above $21, as LINK continued to post a slow recovery. 
  • The marketwide crash had seen LINK tumble over the weekend, as the price dropped by over 11% on Saturday. 

The Chainlink price pushed up marginally during the ongoing session, as buyers continued to push the price higher. LINK had dropped significantly over the weekend, falling by over 11% on Saturday. The bearish sentiment continued on Sunday, with the price dropping by 5.68% and settling at $19.51. However, Monday saw the tide change, as LINK pushed up by 1.74%. Tuesday saw a bigger increase, with the price rising by over 6% and settling at $21.19. 

Chainlink Price Chart Indicates LINK Could Test Resistance At $23 

The Chainlink price started the previous week on a fairly positive note, as the price pushed up by 0.92% on Monday. LINK continued to rise on Tuesday, with the price rising by 1.29%, rising to $25.33. With the 200-day SMA coming into play at this level, the Chainlink price could only register a marginal increase on Wednesday before falling by over 3% on Thursday and settling at $24.56. LINK continued to drop on Friday, as it fell by almost 5% and settled at $23.34, as the bearish sentiment continued to grow.

Image: LINK/USD daily

LINK/USD daily chart 120921

The Chainlink price continued to drop over the weekend, as LINK fell by over 11% on Saturday, dropping to $20.68. On Sunday, the price continued to drop, slipping below $20 and settling at $19.51. However, Monday saw LINK recover, as it pushed up by 1.74%, moving up to $19.85. Tuesday saw LINK push higher, as the price rose by over 6%, settling at $21.10. The current session sees LINK up by over 3%, with buyers looking to push the price higher.

We can see that the Parabolic SAR has just flipped to 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 $23.28. At this price level, over 18,000 addresses have sold more than 47 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 120921

Looking at the 4-hour Chainlink price chart, we can see that LINK had pushed up to $26.50 on the 1st. However, after reaching this level, the price fell back to $24.56, slipping back under the 20 and 50-bar SMAs. LINK could not push above this level, thanks to the 50-bar SMA acting as resistance, and fell to $19.09 on the 4th after registering a significant fall. LINK pushed up to $20.68 but fell back to $17.94 on the 6th. However, LINK pushed above the 20-bar SMA on the 27fh, rising to $22.19 before dropping to its current level of $21.

We can see that the MACD has flipped to bullish, indicating that we could see the price push higher.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 120921

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has made a strong recovery, as the price pushed back up to $21 during the week. If the current sentiment persists, we could see LINK test the resistance at $23.