- The Chainlink price is currently down by almost 2%, as sellers look to push LINK lower.
- LINK has been quite bearish in recent sessions and had dropped by nearly 7% on Friday.
The Chainlink price has started the week in the red, as sellers look to push the price towards $15. LINK had registered a sharp drop on Friday, slipping below the 20-day SMA and falling to $16.37. The weekend saw LINK remain bearish, as it dropped by 1.45% on Saturday and then fell by over 3% on Sunday to end the weekend at $15.60. The current session sees LINK at $15.31, with sellers in control.
Chainlink Price Chart Indicates LINK Could Drop Further
The Chainlink price was quite bullish over the previous weekend, rising by over 7% on Friday. The weekend saw LINK remain bullish, pushing past the 20-day SMA on Saturday and then rising by 1.69% on Sunday to end the weekend at $18.07. Monday saw LINK continue to push higher, rising by 4.50% and moving to $18.88 before dropping back on Tuesday and falling by 2.61%, dropping to $18.39. However, LINK recovered on Wednesday, rising by 1.52% and moving to $18.67.
Image: LINK/USD daily
The Chainlink price fell back significantly on Thursday, dropping by nearly 6% and falling to $17.57. LINK continued to drop on Friday, slipping below the 20-day SMA and falling to $16.37. The weekend saw LINK remain in the red, as the price fell by 1.45% on Saturday and then fell by 3.30% on Sunday, ending the weekend at $15.60. LINK continued to drop during the current session, with the price currently at $15.29.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further.
IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $17.29. At this price level, over 5000 addresses have sold more than 11.8 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had dropped below the 20-bar SMA on the 8th, falling to $18. LINK moved past the SMA on the 9th, when the price rose to $18.67. However, the price fell back after reaching this level, dropping below the 20-bar SMA and falling to $17.72. LINK then slipped below the 50-bar SMA, falling to $17.39, before recovering marginally. However, LINK was unable to move past the 50-bar SMA and dropped significantly, falling to $16.10 and then dropping further to its current level of $15.
We can see that the MACD and Parabolic SAR 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
The Chainlink price chart shows us that LINK has been extremely bearish in recent sessions, with the price continuing to drop. If the current sentiment persists, we could see LINK slip below $15. However, if the price manages to recover, we could see LINK push above $15.