- The Chainlink price continued to drop during the ongoing session and is down by nearly 2%.
- LINK had been fairly bullish in recent sessions and had pushed up to $18.88 on Monday.
The Chainlink price continued to drop during the ongoing session, as sellers remained in control of the markets, pushing the price further down. LINK had ended the weekend on a fairly positive note, rising to $18.07 on Sunday. The price continued to push higher on Monday, rising by 4.50% and moving to $18.88, before dropping back on Tuesday and falling to $18.39, after registering a drop of nearly 3%. The current session sees LINK down by almost 2%, as sellers look to push LINK below $18.
Chainlink Price Chart Indicates LINK Could Drop Below $18
The Chainlink price ended the previous weekend on a fairly positive note, rising to $16.23. LINK continued to push up on Monday, rising by nearly 10% and settling at $17.79, before dropping back on Tuesday and falling to $17.17, a drop of 3.50%. Tuesday saw LINK continue to fall, registering a marginal drop before falling by over 7% on Wednesday and settling at $15.78. Despite the bearish sentiment, LINK recovered by over 3% on Tuesday and then pushed up by over 7% on Friday, settling at $17.51.
Image: LINK/USD daily
The Chainlink price remained bullish over the weekend, rising by 1.46% on Saturday, moving past the 20-day SMA, and then registering an increase of 1.69% on Sunday to end the weekend at $18.07. Monday saw LINK remain in the green, as the price rose by 4.50% and moved to $18.88, before dropping back on Tuesday and falling by almost 3%, dropping to $18.39. The current session sees LINK continue to drop as sellers look to push the price below $18.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $20.51. At this price level, over 6000 addresses have sold more than 25 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had dropped to $15.66 on the 3rd when it slipped below the 50-bar SMA. The price registered a strong recovery from this level, pushing up to $16.32 on the 4th and then surging past the 20 and 50-bar SMAs, rising to $17.94. The price fell back from this level, dropping to $17.46 on the 6th, before recovering and rising to $19.19 on the 7th. After reaching this level, the price turned bearish, dropping to $18.28 and then slipping below the 20-bar SMA and falling to its current level of $18.02.
We can see that the Parabolic SAR and MACD have flipped to bearish, indicating that we could see the price drop further.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has fallen back over the past couple of sessions after a relatively bullish weekend. If the current sentiment persists, we could see LINK drop below $17 and towards $17.50.