- The Chainlink price has started the new week on a bearish note, with the price currently down by over 5%.
- LINK was quite bullish over the weekend and had pushed up to $29 on Sunday.
The Chainlink price could not sustain the weekend’s bullish sentiment, as the price dropped on Monday, with sellers pushing the price below $28. LINK had started the weekend on a bullish note, rising by almost 7% on Friday and moving to $28.30. The bullish sentiment persisted over the weekend, with LINK registering a marginal increase on Saturday before pushing up by over 2% on Sunday and settling at $29.01.
Chainlink Price Chart Indicates LINK Could Drop To $26
The Chainlink price was quite bearish during the previous week and had started the previous weekend in a similar vein. LINK had dropped 0.79% on Saturday and a further 0.76% on Sunday to end the weekend at $33.75. Monday saw more of the same as LINK dropped by over 5%, slipping below the 20-day SMA and settling at $32.05. LINK fell by an even bigger margin on Tuesday as sellers pushed the price down by almost 9%, with LINK settling just above the 50-day SMA at $29.17. Wednesday saw LINK make only a marginal recovery, with the price having slipped below the 50-day SMA.
Image: LINK/USD daily
After Wednesday’s marginal recovery, the Chainlink price fell back on Thursday, dropping by over 9% to slip below the 200-day SMA and settle at $26.56. However, despite the bearish sentiment, LINK made a strong recovery on Friday, rising by 6.55%, pushing back above the 200-day SMA, and settling at $28.30. The weekend saw the price continue to push up, as LINK registered a marginal increase on Saturday before rising by 2.17% on Sunday and ending the weekend at $29.01. The current session sees LINK down by over 5% as sellers look to push the price to $26.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further during the current session.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $27.97. At this price level, over 20,000 addresses have sold more than 47 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped below the 200-bar SMA on the 16th when it fell to $29.95. The price dropped further from this level, falling to $28.47. LINK could only make a marginal recovery from this level before dropping to $26.40. The price pushed up from this level, rising to $28.61, settling just above the 20-bar SMA. With the 20-bar SMA acting as support at this level, LINK could stay at this level, briefly rising to $29.01 before dropping to $27.49, slipping below the 20-bar SMA. Currently, we can see that LINK is at $27, with the price in the red as sellers look to push the price lower.
We can see that the MACD is currently bullish; however, if the price continues to drop, we could see it flip to bearish.
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 fallen significantly during the current session. If the current sentiment persists, we could see the price drop to $26.