- The Chainlink price has pushed up marginally during the ongoing session, as buyers look to push LINK to $21.
- LINK has been quite positive over the weekend and had registered an increase of over 6% on Saturday.
The Chainlink price is looking to end the weekend on a positive note, with LINK looking to move above $21 during the ongoing session. LINK had slipped below the 20-day SMA on Wednesday, falling to $10.74, before posting a slight recovery on Thursday and rising to $19.94. The price dropped over 2% on Friday before recovering and rising by over 6%, pushing above the 20-day SMA and settling at $20.77.
Chainlink Price Chart Indicates LINK Could Push Towards 50-Day SMA
The Chainlink price entered the previous weekend on a fairly bearish note, dropping by over 3% on Friday. The price recovered over the weekend, rising by 3% on Saturday and nearly 4% on Sunday to end the weekend at $22.98. On Monday, a marginal increase saw LINK rise to $23.01 before registering a sharp drop of over 11% on Tuesday, falling to $20.37, where the 20-bar SMA acted as support. However, LINK fell below this level of support on Wednesday, dropping below the 20-day SMA and settling at $19.74.
Image: LINK/USD daily
After dropping to $19.74 on Wednesday, LINK pushed up marginally on Thursday, rising by 1.02% and moving to $19.94. However, LINK could not get past the 20-bar SMA and fell back on Friday, dropping to $19.51. The price recovered from this level, rising above the 20-day SMA after registering an increase of over 6% and moving to $20.77. The current session sees LINK up by nearly 1%, with buyers looking to push the price above $21.
We can see that the Parabolic SAR is currently bearish, but if LINK continues to push up, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.22. At this price level, over 18,000 addresses have sold more than 49 million LINK.
The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 28th, falling to $21.95. LINK registered a marginal increase from this level before falling back below the 200 and 50-bar SMAs, dropping to $20.39 on the 29th. LINK was able to stay at this level for the subsequent few sessions before dropping to $19.22 on the 30th and then moving to $20.36 on the 31st. At this level, the 20-bar SMA acted as resistance, and the price dropped to $19.07 before pushing back above the 20 and 200-bar SMAs and moving to its current level of $20.
We can see that the MACD and Parabolic SAR have both flipped to bullish, indicating that we could see the price push higher.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has been quite positive over the weekend, rising by over 6% on Saturday and then starting the ongoing session on a positive note as well. If the current bullish sentiment persists, we could see LINK move past $21. However, if sellers retake the market, LINK could drop below $20.