- The Chainlink price fell back during the ongoing session, currently down by over 1.50%.
- LINK had dropped on Sunday as well, as it ended the weekend on a bearish note at $18.87.
The Chainlink price got off to a bearish start to the week as the price continued to drop during the ongoing session, with sellers looking to push the price further down. LINK had dropped to $18.28 on Friday after falling by 2.61%. However, Saturday saw the price increase, as it rose by almost 7%, moving up to $19.54. LINK was back in the red on Sunday, though, despite the bullish sentiment prevailing on Saturday. The current session sees LINK marginally down, although the price is still at $18.
Chainlink Price Chart Indicates LINK Could Drop Below $18
The Chainlink price was quite bullish over the previous weekend, as it rose by over 7% on Saturday and then by 2.43% on Sunday to end the weekend at $20.43. Despite the prevailing bullish sentiment, the price fell back on Monday, dropping by almost 13% and settling at $17.78. However, the price was back in the green on Tuesday, rising by 3.77% and moving to $18.45, before another increase of almost 7% on Wednesday saw LINK move up to $19.69.
Image: LINK/USD daily
After rising to $19.69 on Wednesday, the Chainlink price fell back in the red on Thursday, falling by 4.66% and settling at $18.77. On Friday, the price continued to drop as LINK dropped to $18.28, after falling by 2.61%. However, the weekend saw LINK make a strong recovery, as the price rose by almost 7% on Saturday, rising to $19.54. However, Sunday saw LINK back in the red, falling by 3.45% and ending the weekend at $18.87. The price continued to drop on Monday as sellers looked to push below $18.
We can see that the Parabolic SAR and MACD are both currently bullish, but if the price continues to drop, we could see them flip back to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $18.92. At this price level, over 6000 addresses have sold more than 11 million LINK.
Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped to $17.28 on the 15th. The price surged from this level as it moved past the 20-bar SMA, rising to $18.88. LINK continued to push higher from this level, as it pushed above the 50-bar SMA and settled at $20.26. However, after reaching this level, the price fell back, slipping below the 50-bar SMA and settling at $18.77 on the 17th. LINK stayed at this level for the next few sessions before slipping below the 20-bar SMA and settling at $18.27. LINK pushed up considerably from this level, as it pushed back above the 20 and 50-bar SMAs and settled at $20.12. However, the price turned bearish from this level and fell back below the two SMAs to its current level of $18.
We can see that the MACD is currently bearish, and if the price continues to drop, we could see that Parabolic SAR also flip to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we see that LINK has gotten off to a bearish start to the current week. If the current sentiment persists, we could see LINK drop below $18.