- The Chainlink price posted a strong recovery during the current session, with the price currently up by over 4%.
- LINK has been quite bearish during the current week and had registered a drop of almost 8% on Monday.
The Chainlink price has pushed back above $26, and the 200-day SMA as buyers took control of the ongoing session. LINK had started the current week on a bearish note, with the price dropping to $26.81 on Monday. Although the price did recover on Tuesday, it did so only marginally and fell back on Wednesday, slipping below the 200-day SMA and settling at $25.60. The current session has seen LINK make a strong recovery, with the price back above $26.
Chainlink Price Chart Indicates XRP Could Push Towards $30
The Chainlink price was highly bearish at the start of the previous week, as it dropped by over 5% on Monday, slipped below the 20-day SMA, and settled at $32.05. The bearish sentiment persisted on Tuesday, as LINK registered a drop of almost 9% and settled just above the 50-day SMA at $29.17. LINK could only post a marginal recovery on Wednesday before dropping back on Thursday, falling below the 200-day SMA and settling at $26.56 after dropping by over 9%. However, Friday saw LINK make a strong recovery, as it rose to $28.30, pushing back above the 200-day SMA.
Image: LINK/USD daily
The Chainlink price continued to remain in the green over the weekend, pushing up marginally on Saturday before rising by over 2% on Sunday and ending the weekend at $29.01. However, the bearish sentiment returned on Monday, as LINK dropped by 7.59% and settled at $26.81. Tuesday saw another marginal recovery before the price dropped by over 5% on Wednesday, slipping below the 200-day SMA and settling at $25.60. However, the current session has seen a strong recovery, with the price currently up by over 5%.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $27.96. At this price level, more than 21,000 addresses have sold over 62 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped to $26.40 on the 19th. The price made a strong recovery from this level, as it rose to $28.61, pushing above the 20-bar SMA and settling at $28.61. With the 20-bar SMA now acting as support, LINK could maintain this price level for the next few sessions and then rising to $29.01. The price fell back after this, slipping below the 20-bar SMA and settling at $26.42. With the 20-bar SMA now acting as resistance, LINK dropped further to $24.29 before pushing up to its current level of $26.
We can see that the Parabolic SAR and MACD have both flipped to bullish, indicating that the price could push higher.
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 strong recovery during the current session. If the current sentiment persists, we could see LINK look to push above the 50-day SMA at $27.