- The Chainlink price is currently down by nearly 4% during the ongoing session.
- LINK had registered a sharp increase on Sunday, rising by almost 9%.
The Chainlink price fell back in the red during the current session, starting the week on a bearish note as sellers take control of the market. LINK had registered an increase of over 2% on Friday, pushing up to $25.96. However, the price fell back on Saturday by 2.44% and settled at $25.33. The price pushed back up on Sunday, rising by nearly 9% and settling at $27.54 before dropping back during the ongoing session.
Chainlink Price Chart Indicates Sellers Looking To Push LINK To $25
The Chainlink price has been extremely bullish lately and had started the previous weekend in the same vein, rising by over 6% and pushing above the 20-day SMA on Saturday. The price continued to push higher on Sunday, rising by 5.31% and settling at $21.87. The bullish sentiment persisted on Monday as LINK moved above the 50-day SMA and settled at $23.17, an increase of over 8%. Despite the bullish sentiment, the price fell back on Tuesday, falling by 1.23%, before recovering on Wednesday, pushing above the 200-day SMA and settling at $25.20.
Image: LINK/USD daily
After pushing above the 200-day SMA on Wednesday, the Chainlink price registered a marginal increase on Thursday, managing to remain in the green. The price continued to push up on Friday, rising by 2.22% and settling at $25.96. However, the price fell back on Saturday, dropping to $25.33 after a drop of over 2%. LINK registered a strong increase on Sunday, rising by nearly 9% and settling at $27.54, before dropping during the ongoing session.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $25.36. At this price level, over 20,000 addresses have bought more than 62 million LINK.
The 4-hour Chainlink price chart shows us that LINK had registered a sharp drop on the 6th, falling to $23.51. The price pushed up from this level, rising to $25.77, before slipping below the 20-bar SMA and settling at $23.50 on the 7th. LINK made a strong recovery from this level, rising to $26.56, pushing back above the 20-bar SMA, before falling back, slipping back below the 20-bar SMA, and settling at $24.03 on the 8th. LINK made a strong recovery from this level, surging past the 20-bar SMA, rising to $26.93 and then rising to $28.28 on the 10th. However, the price fell back from this level, dropping to its current level of $26.
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
Looking at the Chainlink price chart, we see that LINK has dropped significantly during the current session and is down by nearly 5%. If the current sentiment persists, we could see LINK drop to $25.