- The Chainlink price is down by almost 5% during the ongoing session, slipping below the 50-day SMA.
- LINK has been extremely bearish during the current week and had dropped nearly 7% on Monday.
The Chainlink price started the weekend on a bearish note, dropping by 2.65% before recovering on Sunday and rising to $25.51. Despite the positive end to the weekend, LINK fell back on Monday, slipping below the 200 and 20-day SMAs and settling at $23.81. The price continued to drop on Tuesday, falling 3.53% to $22.97, then below the 50-bar SMA during the current session, with the price presently at $21.82.
Chainlink Price Chart Indicates LINK Could Drop To $20
The Chainlink price was fairly positive during the start of the previous week, rising by 1.60% on Monday. However, the price was back in the red on Tuesday, registering a drop of almost 5% and settling at $26.60. Despite the bearish sentiment, LINK was able to register a marginal recovery on Wednesday but slipped back into the red on Thursday, dropping over 7% and settling at $24.86, where the 200-day SMA was acting as support. LINK continued to drop from this level, slipping below the SMA on Friday and settling at $24.54.
Image: LINK/USD daily
After registering a marginal drop on Friday, the Chainlink price recovered over the weekend, rising by 2.65% on Saturday and then by 1.24% on Sunday to end the weekend at $25.51. However, LINK fell back on Monday, dropping almost 7%, slipping below the 20 and 200-day SMAs and settling at $23.81. The price continued to drop from this level, dropping to $22.97, before slipping below the 50-day SMA during the current session and falling to $21.
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 $23.43. At this price level, over 19,000 addresses have sold more than 53 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had dropped to $24.24 on the 14th. The price made a strong recovery from this level, rising above the 20-bar SMA and settling at $25.92. With the 20-bar SMA acting as support at this level, the price could stay at this level for the next few sessions before dropping back below the 20-bar SMA and settling at $24.95. The price recovered from this level and pushed back above the 20-bar SMA to $25.94. LINK took a bearish turn after reaching this level, dropping back below the 20-bar SMA to $23.85. The price continued to drop from this level, falling to $23.81 on the 17th and then slipping below the 200-bar SMA to $21.
We can see that the MACD and Parabolic SAR 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 see that LINK has been extremely bearish during the current week. If the current sentiment persists, we could see LINK drop to $20 before making a recovery.