- The Chainlink price made a strong recovery on Friday after dropping to $11.
- LINK picked up over the weekend but is back in the red during the ongoing session, as sellers look to push the price back below $14.
The Chainlink price is down by over 3% during the ongoing session, as sellers push LINK down considerably. LINK had dropped by almost 5% on Wednesday, falling to $13.32, and then registered a marginal drop on Thursday after a highly volatile session. However, LINK recovered on Friday, pushing up by over 8% and rising to $14.36. Saturday saw LINK remain in the green, as the price rose by 2.47%, moving to $14.71, before falling back during the ongoing session.
Chainlink Price chart Indicates LINK Could Drop Below $14
The Chainlink price got off to a fairly bearish start to the previous weekend, dropping by 2.59% on Friday. LINK recovered on Saturday, rising by just over 2%, but fell back in the red on Sunday, falling by almost 6% and ending the weekend on a bearish note at $14.60. Monday saw the bearish sentiment continue, as LINK dropped by almost 8%, falling to $13.50, before recovering on Tuesday, rising by 3.62% and moving to $13.99.
Image: LINK/USD daily
After pushing up to $13.99 on Tuesday, the Chainlink price fell back on Wednesday, dropping by almost 5% and settling at $13.32, and then registering a marginal drop of 0.32% on Thursday. Despite the bearish sentiment, the Chainlink price registered a significant increase on Friday, pushing up by over 8% and moving to $14.36. LINK continued to push higher over the weekend, pushing up by 2.47% and moving to $14.71, before dropping back during the ongoing session, with the price currently at $14.21.
We can see that the MACD and Parabolic SAR have just flipped to bullish, an indication that we could see the price recover.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $14.54. At this price level, over 8500 addresses have sold more than 8.6 million LINK. LINK also has support at around $12.91, where over 9000 addresses have bought more than 4 million LINK.
More On Chainlink: Is It Worth Investing in Chainlink?
The 4-hour Chainlink price chart shows us that LINK had dropped to $13.20 on the 22nd. LINK made a fairly strong recovery from this level, pushing past the 20-bar SMA on the 23rd and rising to $14.41. However, the price fell back from this level, dropping back below the 20-bar SMA and falling to $11.79 on the 24th. LINK made a strong recovery from this point, as it surged past the 20-bar SMA, rising to $13.62. The price continued to push higher from this level, pushing above the 50-bar SMA on the 26th, rising to $14.56. LINK registered a marginal recovery from this level, rising to $14.71 before dropping to its current level of $14.24. We can see that the Parabolic SAR and MACD are both bullish, indicating that we could see the price push higher.
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 dropped considerably during the ongoing session. If the current sentiment persists, we could see LINK drop below $14. However, if LINK can reverse the bearish trend, we could see it push above $15.