- The Chainlink price continued to drop as its recent bearish sentiment persisted.
- LINK has been relatively bearish in recent sessions and had dropped by almost 9% on Thursday.
The Chainlink price slipped below the $15 level during the ongoing session, as sellers pushed the price down by almost 5%. LINK had registered a sharp drop on Thursday, falling by nearly 9% and dropping to $15.59. The price continued to drop on Friday, falling by 2.59% to $15.19, before making a marginal recovery on Saturday, rising over 2% and moving to $15.52. The current session sees XRP down by nearly 5%, with the price presently at $14.80.
Chainlink Price Chart Indicates LINK Could Drop Below $14
The Chainlink price started the previous weekend with a drop of almost 7% on Friday, dropping below the 20-day SMA. LINK continued to drop over the weekend, falling by 1.45% on Saturday and 3.30% on Sunday to end the weekend at $15.60. The price recovered on Monday, rising by 1.90% and then pushing past the 20-bar SMA on Tuesday, rising by over 9% and moving to $17.36.
Image: LINK/USD daily
After surging by over 9% on Tuesday, the Chainlink price fell back on Wednesday, registering a marginal drop, before dropping by nearly 9% on Thursday, slipping below the 20-bar SMA and settling at $15.59. Friday saw LINK remain bearish, as the price fell by 2.59% to $15.19 before recovering over the weekend and rising to $15.52. The current session sees LINK back in the red, with the price dropping below the $14 level.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $16.83. At this price level, over 10,000 addresses have sold more than 13 million LINK.
More On Chainlink: Chainlink Price Predictions
The 4-hour Chainlink price chart shows us that LINK had pushed up to $16.42 on the 15th. The price continued to push higher from this level, pushing above the 50-bar SMA and rising to $17.36. With the 50-bar SMA now acting as support, XRP could stay at this level before turning bearish on the 17th, dropping below the 20 and 50-bar SMAs and settling at $16.54. LINK continued to drop from this level and fell to $15.59 on the 18th and then to $15.21. LINK was able to stay at this level for the subsequent few sessions before dropping to $14.99 and then to its current level of $14.73.
We can see that the Parabolic SAR and MACD have both 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 been quite bearing in recent sessions and dropped considerably during the ongoing session. If the current sentiment persists, we could see LINK drop to $14 or below.