- The Chainlink price dropped to $21 as sellers took control of the current session.
- LINK had been quite bullish during recent days and had pushed up to $23 on Monday.
The Chainlink price registered a sharp drop during the ongoing session, with LINK dropping to $21 as sellers drove the price down. LINK had dropped by over 3% on Friday, after a significant increase on Thursday. However, the weekend saw LINK back in the green, rising by 3% on Saturday and moving to $22.11. The price continued to push up on Sunday, rising by nearly 4%, ending the weekend at $22.98, before a marginal increase on Monday saw the price push to $23 before falling back during the ongoing session.
Chainlink Price Chart Indicates LINK Could Drop To $20 If Current Trend Persists
The Chainlink price started the previous weekend on an extremely bullish note, rising by nearly 7% and settling at $19.55. On Sunday, the price fell back, dropping to $18.88, ending the weekend on a bearish note. LINK registered another marginal drop on Monday before pushing up on Tuesday, rising by 3.51% and settling at $19.44. The price continued to increase on Wednesday, rising by over 2% and settling at $19.92, before surging past the 20-day SMA and settling at $22.18, registering an increase of over 11%.
Image: LINK/USD daily
After rising by over 11% on Thursday, the price fell back on Friday, dropping by over 3% and settling at $21.47. However, the price pushed back up over the weekend, rising by 3% on Saturday and then rising to $22.98 on Sunday after an increase of almost 4%. On Monday, a marginal increase saw LINK push past $23 before dropping back during the ongoing session and falling back to $21.
We can see that the Parabolic SAR is still bearish, giving an indicating that the price could recover.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see LINK faces strong resistance at around $23.44. At this price level, over 18,000 addresses have sold more than 41 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had pushed above the 20 and 50-bar SMAs on the 22nd, rising to $19.44. The price continued to push up from this level, surging to $21.25 before moving above the 200-bar SMA and settling at $22.18. With the 200-bar SMA acting as support at this level, the price could stay at this level, before $21.47, and then rising to $22.11, pushing back above the 200-bar SMA. The price fell back significantly from this level, dropping to $21.21, slipping below the 20 and 50-bar SMAs, before turning bullish and surging to $21.21. However, the price fell back from this level, falling below the 20-bar SMA and dropping to its current level of $22.
We can see that the MACD and Parabolic SAR are both currently bearish, but if the price continues to push higher, we could see them flip to bullish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we see that LINK has managed to recover marginally, rising to $22, although the price still remains in the red. It remains to be seen if the price can recover and push back towards $23, but if sellers retain control, then we could see LINK drop to $21.