- The Chainlink price has registered a marginal drop during the ongoing session, as it looks to move to $20.
- LINK had registered an increase of 7.49% on Saturday as the price climbed up to $19
The Chainlink price could not push to $20 over the weekend, with the price dropping marginally during the current session. LINK had been extremely bearish leading up to the weekend, dropping by over 11% on Thursday and settling at $20.30. LINK continued to drop on Friday, falling to $18.56, before recovering on Saturday and registering an increase of over 7% and settling at $19.95. However, the price has dropped off marginally during the ongoing session.
Chainlink Price Chart Indicates Sellers Looking To Push Price Below $19
The Chainlink price was extremely bearish leading up to the previous weekend, as the price fell by almost 5% on Friday, falling to $23.35. LINK continued to drop over the weekend as the crypto markets crashed, falling by over 11% and dropping to $20.68. On Sunday, the price continued to drop, slipping below $20 and settling at $19.49. However, Monday saw a recovery, as LINK rose by almost 2%, settling at $19.85. Tuesday saw LINK continue to push up, rising by over 6% and settling at $21.10.
Image: LINK/USD daily
After rising to $21.10 on Tuesday, the Chainlink price continued to push higher on Wednesday, rising by over 8% and settling at $22.93. However, after reaching this level, the price turned bearish, dropping by over 11% on Thursday to $20.27, before another drop on Friday took the price down to $18.56. LINK recovered on Saturday, rising by over 7% and settling at $19.95, but during the ongoing session, it fell back.
The Parabolic SAR 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 faces strong resistance at around $19.85. At this price level, over 7800 addresses have sold more than 14 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had dropped to $17.94 on the 6th. LINK pushed up significantly from this level and moved above the 20-bar SMA on the 7th, rising to #20.03. LINK continued to push higher from this level and moved above the 50-bar SMA on the 8th, settling at $22.86. However, LINK could not stay at this level and dropped back, slipping below the 50 and 20-bar SMAs and dropping to $18.56 on the 11th. The price pushed back up from this level, rising to $20.06, but with the 50-bar SMA acting as resistance, dropped back to its current level of $19.
We can see that the Parabolic SAR and MACD are bullish, but if the price continues to drop, we could see them flip to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see LINK faces strong resistance at around $19.85. If buyers can break this resistance, we could see the price move above $20. However, if they are unable to do so, then LINK could drop below $19.