- The Chainlink price has registered a fairly drastic fall during the ongoing session and is down by nearly 7%.
- LINK had been quite bullish over the weekend and had reported an increase of nearly 10% on Sunday.
The Chainlink price has started the week on a bearish note, as it fell back to $16 after pushing to $17 on Sunday at the end of a fairly bullish weekend. LINK had registered a minuscule drop on Thursday before recovering and pushing up by over 6% on Friday, moving to $16.16. The weekend saw LINK remain in the green, registering a marginal increase on Saturday before surging by nearly 10% on Sunday to end the weekend on a bullish note at $17.79. However, the current session has seen a significant drop.
Chainlink Price Chart Indicates LINK Could Drop To $15
The Chainlink price was extremely bearish over the previous weekend and had registered a drop of nearly 14% on Friday. The price continued to drop on Saturday, as LINK dropped by over 9% and settled at $15.86. However, LINK could register a recovery on Sunday, rising by 5% and ending the weekend at $16.65. Monday saw LINK back in the red, as the price dropped by over 6% to $15.59. LINK continued to drop on Tuesday and Wednesday as well, dropping by 0.57% and 1.69%, respectively, to settle at $15.24.
Image: LINK/USD daily
Despite the prevailing bearish sentiment, the Chainlink price was able to stay at $15 on Thursday before registering a strong recovery on Friday. LINK pushed up by over 6% on Friday, moving to $16.16, and then registered a marginal increase on Saturday, rising by 0.46% and starting the weekend on a positive note. Sunday saw LINK push up by nearly 10% as the price rose to $17.79 before dropping back during the current session. We can see that LINK has dropped to $16 during the ongoing session, and with the bearish MACD, we could see the price drop further.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK has strong support at around $15.90. At this price level, over 8000 addresses have bought more than 11.3 million LINK.
Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped significantly on the 24th, falling to $13.97. The price pushed back up from this level, rising to $15.94, then pushing above the 20-bar SMA, moving to $16.12 on the 26th. LINK fell back after reaching this level, slipping back below the 20-bar SMA to $14.48. The price pushed back up from this level, rising to $15.35 but could not move past the 20-bar SMA and fell back to $14.93 on the 28th. LINK made a strong recovery from this point and pushed up significantly, moving past the 20 and 50-bar SMAs and rising to $17.69 on the 30th. The price dropped back from this level and moved to its current level of $16.
We can see that the Parabolic SAR has 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 gotten off to a fairly bearish start to the week, with the price currently down by over 6%. If the current sentiment persists, we could see LINK drop to $15, where the price could find support.