- The Chainlink price is down by almost 12% during the ongoing session, as bearish sentiment drives the price down significantly.
- LINK has been extremely bearish during the week and had registered a drop of almost 8% on Monday.
The Chainlink price continued its bearish descent, as LINK dropped below $12, with the price currently at $11.70. This is the lowest level LINK has been at since January 2021. LINK had started the week in the red, dropping to $13.50 on Monday. The price recovered from this level, rising by 3.62% on Tuesday before falling back in the red on Wednesday, dropping by nearly 5% and settling at $13.32. The current session sees LINK down by over 12%, as sellers look to drive the price lower.
Chainlink Price Chart Indicates LINK Could Slip Below $11
The Chainlink price was relatively bullish at the start of the previous week, rising by almost 2% on Monday. The price continued to push higher on Tuesday, rising by 9.17%, moving above the 20-day SMA and settling at $17.36. However, LINK fell back on Wednesday, dropping by 1.32% and then slipping back below the 20-day SMA on Thursday as the price fell by almost 9% to $15.59. Friday saw the bearish sentiment continue, with the price dropping by 2.59%, falling to $15.19.
Image: LINK/USD daily
Despite the bearish sentiment, the Chainlink price registered a recovery on Saturday, rising by over 2% and moving to $15.52. However, LINK was back in the red on Sunday, dropping by almost 6% and ending the weekend at $14.60. LINK continued to drop on Monday, falling by nearly 8% to $13.50, before recovering and rising to $13.99 on Tuesday. However, LINK fell back on Wednesday, dropping by almost 5% and then by over 12% during the ongoing session.
We can see that the MACD is currently bearish, indicating that we could see the price continue to drop.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong support at around $11.22. At this price level, over 5000 addresses have bought more than 6.8 million LINK.
More On Chainlink: Chainlink Price Predictions
The 4-hour Chainlink price chart shows us that LINK had dropped to $15 on the 19th. The price pushed back up from this level, rising to $15.52 before dropping back and falling to $14.60 on the 21st. LINK pushed to $15.20 from this point, but with the 20-bar SMA acting as resistance, the price fell back significantly, dropping to $13.20 on the 22nd. LINK was able to make a strong recovery from this level, pushing up to $14.41 before turning bearish and dropping to its current level of $11.
The Parabolic SAR and MACD are both 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 can see that LINK has been extremely bearish during the ongoing session. If the current sentiment persists, we could see LINK drop to $11, where the price could get some support.