Chainlink Price Analysis: LINK Slips Back Below $25 As Sellers Take Control Of Session 

Daily Chainlink LINK Price Forecast

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Last Updated December 1st 2021
3 Min Read
  • The Chainlink price failed to stay above $25, as the price dropped during the ongoing session. 
  • LINK had pushed up significantly over the weekend and pushed to $25.01 on Monday. 

The Chainlink price fell back on Tuesday as sellers took control of the session, pushing LINK down to $24.40, with the chance that the price could drop further. LINK was quite bearish over the previous week and had registered a drop of over 9% on Friday. It pushed back up over the weekend, rising marginally on Saturday and by almost 3% on Sunday to settle at $24.78. LINK rose further on Monday, as it pushed above $25 before dropping during the ongoing session. 

Chainlink Price Chart Indicates LINK Could Slip Below $24 

The Chainlink price started the previous weekend on a fairly positive note, as the price pushed up marginally on Saturday before rising by over 2% on Sunday. On Monday, the price fell back as LINK dropped by 7.59% and settled at $26.81, where the 200-day SMA was acting as support. As s result, the price registered a marginal increase on Tuesday before slipping below the 200-day SMA and settling at $25.60 on Wednesday. The price did recover on Thursday as it rose to $26.38, pushing above the 200-bar SMA.

Image: LINK/USD daily

LINK/USD daily chart 120121

After moving to $26.38 on Thursday, the Chainlink price dropped significantly on Friday, slipping below the 200-day SMA and settling at $23.97, registering a drop of over 9%. The weekend saw the price make a recovery, as it rose by 0.58% on Saturday and 2.77% on Sunday to end the weekend at $24.78. LINK continued to push up on Monday, rising to $25.01, before dropping back on Tuesday, with the price currently down to $24.50.

We can see that the Parabolic SAR is currently bearish, indicating that LINK could drop further during the current session.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $23.54. At this price level, over 17,000 addresses have bought 46 million LINK.

LINK also faces strong resistance at around $28.06. At this price level, more than 22,000 addresses have sold more than 42 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 120121

The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 22nd, dropping to $26.42. With the 20-bar SMA acting as resistance, the price could only push up to $27.12 before dropping to $25.29 on the 24th. LINK pushed up significantly from this level, moving above the 20-bar SMA and settling at $27.35. However, with the 50-bar  SMA acting as resistance, LINK dropped back to $23.36, slipping back below the 20-bar SMA. LINK rose to $24.51 on the 27th but fell back $23.43 before pushing above the 20-bar SMA and settling at $25.12. With the 20-bar SMA now acting as support, LINK maintained this level and is currently at $24.60.

We can see that the MACD is currently bullish, indicating that the price could push up. However, if the price drops, we could see it flip to bearish.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 120121

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has dropped during the current session after a fairly positive start to the week. If the current sentiment persists, we could see LINK slip below the $24 level.