- The Chainlink price fell back during the ongoing session after failing to move past the 200-day SMA.
- LINK had been quite bullish during the week and had pushed up to $25.35 on Wednesday.
The Chainlink price is currently down by over 2% after failing to move past the 200-day SMA. With sellers in control of the session, we could see the price drop further. LINK had started the week on a positive note, pushing up by 0.92% on Monday. Tuesday saw the price push up further, rising by 1.21% and settling at $25.31. With the 200-day SMA coming into play as resistance, LINK could only register a marginal increase on Wednesday before dropping back during the ongoing session.
Chainlink Price Chart Indicates LINK Could Drop Below $24
The Chainlink price started the previous week on a very bearish note, as the price dropped by over 7%, falling to $26.81. The price pushed up marginally on Tuesday, thanks to the 200-day SMA coming into play as support, but fell back on Wednesday, as sellers pierced the 200-day SMA and pushed LINK to $25.60. On Thursday, the price recovered, moving back above the 200-day SMA and settling at $26.38, before registering a drop of over 9% on Friday, slipping back below the 200-day SMA and settling at $23.97.
Image: LINK/USD daily
The Chainlink price recovered over the weekend, as LINK pushed up by 0.58% on Saturday and then almost 3% on Sunday to settle at $24.78. The bullish sentiment persisted on Monday, as buyers retained control, pushing the price up by 0.92%. Tuesday saw LINK push higher, rising by 1.21% and moving up to $25.31. With the 200-day SMA coming into play as resistance, LINK could only register a marginal increase on Wednesday before dropping back on Thursday.
We can see that the Parabolic SAR is currently bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong support at around $28.24. Over 18,000 addresses have sold over 55 million LINK at this price level.
The 4-hour Chainlink price chart shows us that LINK had dropped to $23.36 on the 26th, after dropping below the 20-bar SMA. The price pushed up marginally from this level before dropping back to $23.43. LINK pushed above the 20-bar SMA on the 29th, as it rose to $24.78. With the 20-bar SMA now acting as support, LINK stayed at this level for the next few sessions before pushing above the 50-bar SMA and moving to $26.50. However, after reaching this level, the price turned bearish and dropped below the 20 and 50-bar SMAs to its current level of $24.
We can see that the MACD 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
Looking at the Chainlink price chart, we can see that LINK has dropped during the current session, thanks to the 200-day SMA acting as resistance. If the current sentiment persists, we could see LINK drop below $24.