Chainlink Price Prediction: LINK Pushes Above $20 As Price Recovers 

Daily Chainlink LINK Technical Analysis

Last Updated December 8th 2021
3 Min Read
  • The Chainlink price has pushed above $20 during the ongoing session. 
  • LINK has been extremely bearish over the weekend, registering a drop of over 11% on Saturday. 

The Chainlink price continued to push up during the ongoing session, as LINK pushed above $20. LINK had dropped by almost 5% on Friday, as the markets turned bearish. Saturday saw LINK drop by over 11%, as LINK dropped to $20.68. The bearish sentiment continued on Sunday, with LINK dropping to $19.51 before pushing up on Monday and settling at $19.85. The current session sees buyers in control, as the price pushed above $20. 

Chainlink Price Chart Indicates Buyers Looking To Push LINK Past $20 

The Chainlink price ended the previous weekend on a bullish note, rising by 2.77% on Sunday and settling at $24.78. LINK pushed up further on Monday, pushing up by 0.92% and settling at $25.01. LINK continued to push higher, albeit marginally, on Tuesday, registering an increase of 1.29%. With the 200-day SMA coming into play as resistance, LINK could register only a marginal increase on Wednesday before dropping back on Thursday and falling by over 3% to $24.56.

Image: LINK/USD daily

LINK/USD daily chart 120821

After dropping by over 3% on Thursday, the Chainlink price continued to drop on Friday, registering a fall of almost 5% and settling at $23.34. The weekend saw LINK remain in the red, as LINK fell by over 11% on Saturday, dropping to $20.68. The bearish sentiment persisted on Sunday, as it fell to $19.61 after dropping by 5.68%. LINK pushed up on Monday, as it rose by 1.74%, with the price currently up to $20.54,

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop. If the price flips, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.40. At this price level, over 16,000 addresses have sold more than 38 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 120821

Looking at the 4-hour Chainlink price chart, we can see that LINK had pushed up to $26.50 after moving above the 50-bar SMA. LINK could not stay at this level and slipped below the 20 and 50-bar SMAs, settling at $25.56. With the 20 and 50-bar SMAs now acting as resistance, LINK could not push above this level and dropped to $19.09 on the 4th. LINK pushed up marginally from this level, rising to $20.68, but fell back as the price fell to $17.94. LINK pushed up from this level, moving above the 20-bar SMA and settling at $20.

We can see that the MACD and Parabolic SAR have both flipped to bullish, indicating that we could see the price rise further.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 120821

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we see that LINK has recovered during the current week and has moved above $20. If the current sentiment persists, we could see LINK push beyond $20.