- The Chainlink price is currently down by nearly 17% as sellers drove LINK down significantly during the ongoing session.
- LINK has been extremely bearish over the past few sessions and had dropped by nearly 14% on Friday.
The Chainlink price continued its slump, as LINK fell off a cliff during the ongoing session. LINK has slipped below $14 and could drop further, with support expected at around $12. LINK had registered a significant drop on Friday, falling by nearly 14% to $17.44. The price continued to drop over the weekend, recording a drop of over 9% on Saturday, before recovering on Sunday and rising to $16.65, registering an increase of 5%.
Chainlink Price Chart Indicates LINK Could Find Support At $12
The Chainlink price was relatively bearish over the previous weekend, starting with a drop of 1.45% on Friday. However, the weekend saw LINK recover, as the price rose by nearly 3% on Saturday and then by 1.24% on Sunday to end the weekend at $25.51. However, Monday saw the price fall back in the red, as LINK dropped below the 200 and 20-day SMAs, and settled at $23.81. On Tuesday, the price remained bearish, falling to $22.97, and then slipped below the 50-day SMA on Wednesday after registering a drop of over 6% and settling at $21.55.
Image: LINK/USD daily
The Chainlink price remained in the red on Thursday, as it dropped by 6.26% and settled at $20.20. Friday saw LINK register a sharp drop of nearly 14%, as it slipped below the $20 level and settled at $17.44. The weekend started with a drop of over 9% on Saturday, which saw LINK fall to $15.86. However, despite the bearish sentiment, LINK managed to register an increase of 5% on Sunday, ending the weekend at $16.65. The current session sees LINK down by nearly 17%, and it remains to be seen if the price can find support at around $12.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further. However, the RSI has slipped below 30, indicating that we could see the price recover in the short term as buyers enter the market.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $11.96. At this price level, over 10,000 addresses have bought 3.5 million LINK.
Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped below the 20-bar SMA on the 17th when the price fell to $24.85. The price continued to drop from this level, slipped below the 200-bar SMA on the 18th, and fell to $21.49. The price gradually recovered from this level and pushed up to $22.69 but could not move past the 20-bar SMA, which was acting as resistance. As a result, LINK turned bearish, dropping to $19.16 on the 21st and $15.41 on the 22nd. LINK registered a slight recovery from this level and moved to $16.65 on the 24th before falling to its current level of $13.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Cardano price chart, we can see that LINK has been extremely bearish over the past week and has started the current week with a huge drop. There is support at around $12, so we could expect LINK to recover from that price level.