- The Chainlink price is currently down by over 2%, as sellers took control of the ongoing session.
- LINK has been extremely bullish since the start of the year and had pushed to $25 on Wednesday.
The Chainlink price fell back in the red during the current session, as LINK dropped due to a market-wide drop in prices. LINK had started the week on a bullish note, rising by over 8%, moving above the 50-day SMA, and settling at $23.71. The price fell back in the red on Tuesday, registering a marginal drop. However, LINK was back in the green on Wednesday, rising by nearly 8%, pushing above the 200-day SMA and settling at $25.20 before dropping during the current session.
Chainlink Price Chart Indicates LINK Could Slip to $23
The Chainlink price registered a marginal increase on Monday (27th) but registered a sharp fall of over 11% on Tuesday, dropping to $20.39. LINK continued to drop on Wednesday, slipping below the 20-day SMA and settling at $19.74. The price made a marginal recovery on Thursday, rising by 1.01%, but could not push past the 20-day SMA and dropped to $19.51 on Friday, falling by over 2%.
Image: LINK/USD daily
After dropping on Friday, the Chainlink price made a strong recovery over the weekend, rising by over 6% on Saturday and moving above the 20-day SMA to settle at $20.76. LINK continued to push up on Sunday, ending the weekend on a positive note at $21.87. The current week started with the bullish sentiment persisting, as LINK pushed above the 50-day SMA, rising by 8.43% and settling at $23.71. After dropping on Tuesday, LINK continued to move higher on Wednesday, pushing above the 200-day SMA and settling at $25.20. However, the current session sees LINK down by over 4%, as sellers drive the price lower.
The MACD is still bullish, but if LINK slips below its support level of $23, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $25.55. At this price level, over 17,000 addresses have sold more than 51 million LINK. LINK has support at $23.22, where over 20,000 addresses have bought more than 43 million LINK.
The 4-hour Chainlink price chart shows us that LINK had registered a sharp drop on the 31st, falling to $19.07. The price made a strong recovery from this level, pushing above the 20-bar SMA on the 1st and moving to $20.21. The price continued to push higher from this level, pushing above the 200-bar SMA on the 2nd and settling at $21.03. LINK then surged past the 50-bar SMA, rising to $21.42 and then moving to $24.06 on the 4th. A marginal drop in price occurred at this level before LINK surged again, rising to $27.10. After reaching this level, the price fell back in the red, dropping to $23.51, slipping below the 20-bar SMA, before moving to its current level of $24.
We can see that the Parabolic SAR and MACD are both bearish, indicating that the price could drop further.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK had been extremely bullish during the week. However, the price has dropped during the ongoing session. If the current sentiment persists, we could see LINK drop to its support level of $23.