- The Chainlink price has registered a drop during the ongoing session and is down by nearly 2%.
- LINK has been quite positive over the weekend and had pushed up to $21 on Sunday.
The Chainlink price fell back in the red during the current session after a relatively bullish weekend, as sellers look to push the price back to $20. LINK had started the weekend on a fairly bearish note, dropping by over 2%, thanks to the 20-day SMA acting as resistance. The price picked up over the weekend, rising by over 6% on Saturday, pushing above the 20-bar SMA and settling at $20.77. Sunday saw LINK go higher, moving to $21, before falling back during the ongoing session.
Chainlink Price Chart Indicates LINK Could Drop To $20
The Chainlink price was quite bullish during the previous weekend, rising by 3% on Saturday and then rising by nearly 4% on Sunday to end the weekend at $22.98. LINK remained in the green on Monday, registering a marginal increase, but fell back on Tuesday. LINK dropped by over 11% on Tuesday, falling to $20.37, slipping below the 20-day SMA on Wednesday, dropping to $19.74, a drop of over 3%.
Image: LINK/USD daily
After dropping below $20 on Wednesday, the Chainlink price recovered on Thursday, rising by 1.02%. However, LINK could not move past the 20-day SMA and fell back on Friday, dropping by over 2% and settling at $19.51. LINK registered a strong recovery over the weekend, rising by over 6% on Saturday and moving to $20.77. Sunday saw LINK move to $21.87 after an increase of over 5% before falling back during the ongoing session.
We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.27. At this price level, nearly 18,000 addresses have sold more than 38 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had registered a sharp drop on the 28th, falling below the 20-bar SMA and settling at $21.95. The price continued to drop from this level and slipped below the 50 and 200-bar SMAs, dropping to $20.39. LINK was able to stay at this level for a few sessions before dropping further and falling to $19.21 on the 30th. LINK recovered from this level, rising to $20.18. Again, LINK was able to stay at this level for the subsequent few sessions before rising to $20.36, where the 20-bar SMA was acting as resistance. As a result, the price rose to $19.07 on the 31st. LINK made a strong recovery from this level, as it pushed above all three SMAs, rising to $22 on the 2nd and then dropping marginally to its current level of $21. We can see that the MACD is currently bullish, indicating that the price could push higher. However, if the price drops to $20, we could see it flip to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has fallen during the ongoing session after a fairly positive weekend. If sellers retain control of the session, we could see LINK slip to $20. However, if the price recovers, we could see it push towards $22, where the 50-bar SMA could act as resistance.