- The Chainlink price fell back during the ongoing session and is currently down by nearly 2%.
- LINK has been quite bearish during the current week and had registered a drop of nearly 5% on Tuesday.
The Chainlink price registered a drop during the ongoing session as sellers look to drive LINK down. However, the price managed to stay above $25. LINK had started the week on a fairly positive note, rising by 1.62% on Monday. However, LINK fell back in the red on Tuesday, falling by nearly 5% and dropping to $26.60, and then made a marginal recovery, rising by 0.65% on Wednesday. The current session sees LINK back in the red, as sellers look to push the price down to $25.
Chainlink Price Chart Indicates LINK Could Drop To $25
The Chainlink price was extremely bullish during the previous week, pushing above the 50-day SMA on Monday and rising to $23.71. Tuesday saw a marginal drop, as LINK fell by 1.23%, before making a strong recovery on Wednesday, rising by nearly 8%, pushing above the 200-day SMA and settling at $25.20. LINK remained in the green on Thursday, registering a marginal increase, and then pushed up by 2.22% on Friday to move to $25.96. Despite the bullish sentiment, LINK fell back on Saturday, dropping by 2.44% and settling at $25.33.
Image: LINK/USD daily
After dropping by 2.44% on Saturday, the Chainlink price made a strong recovery on Sunday, rising by nearly 9% and settling at $27.54. The price continued to push higher, starting the week on a bullish note, rising by 1.62% and settling at $27.99. LINK fell back in the red on Tuesday, as the price dropped by nearly 5% to $26.60 before registering a marginal increase on Wednesday.
However, the price fell back during the current session, as sellers look to drive the price down to $25.
We can see that the MACD is currently 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 $25.18. At this price level, over 20,000 addresses have bought more than 43 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had dropped to $24.04 on the 8th. The price made a strong recovery from this level, rising surging past the 20-bar SMA and moving to $26.92. The price continued to push higher from this level, moving to $28.28 on the 10th. However, the price could not stay at this level and fell back significantly, dropping to $26.49, where the 20-bar SMA acted as support. LINK made a strong recovery from this level, as it rose to $28.19 but fell back from this level, dropping back below the 20-bar SMA and settling at $26.21. The price continued to drop from this level, as LINK fell to $25.92 before rising to $26.77 and then moving to its current level of $26.50.
We can see that the Parabolic SAR is currently bullish, but if the price drops, we could see it flip to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has dropped during the ongoing session. If the current bearish sentiment persists, LINK could drop to $25.