- The Chainlink price bounced back over the weekend, as buyers pushed the price back to $25
- LINK had registered a sharp fall on Friday, as sellers pushed the price down by over 9%.
The Chainlink price pushed back to $25 during today’s session, as buyers look to push LINK back above the 200-day SMA. LINK had registered a sharp drop on Friday, falling below the 200-day SMA and settled at $23.97, after dropping by over 9%. However, LINK pushed up over the weekend, registering an increase of 0.58% on Saturday and 2.77% on Sunday, ending the weekend at $24.78, before pushing above $25 on Monday.
Chainlink Price Chart Indicates LINK Could Push Above $25?
The Chainlink price was quite positive during the previous weekend, as LINK registered a marginal increase on Saturday before rising by 2.17% on Sunday, settling at $29.01 on Sunday. However, LINK fell back on Monday despite the positive weekend, dropping by 7.59% and settling at $26.81. Tuesday saw a marginal recovery thanks to the 200-day SMA acting as support, but LINK fell on Wednesday, slipping below the 200-day SMA and settling at $25.60 after dropping by 5%.
Image: LINK/USD daily
On Wednesday, the Chainlink price recovered after slipping below the 200-day SMA, pushing back above the 200-day SMA and settling at $26.38. However, Friday saw the price drop significantly, falling by over 9%, slipping below the 200-day SMA, and settling at $23.97. LINK recovered over the weekend, as it pushed up to $24.11 on Saturday and then to $24.78 on Sunday. The current session sees buyers and sellers struggling for control, with buyers looking to push the price past $25.
We can see that the MACD is currently bearish; however, if the price pushes above $25, we could see it flip to bullish.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $28.13. At this price level, over 22,000 addresses have sold more than 46 million LINK. LINK also has strong support at around $23.03. At this price level, over 16,000 addresses have bought more than 38 million LINK.
The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 22nd when the price dropped to $271.5. The price pushed up marginally from this level but could not push above the 20-bar SMA and dropped to $25.29 on the 24th. LINK pushed up significantly from this level, rising to $27.35 as it pushed above the 20-bar SMA. However, it could not move past the 50-bar SMA and dropped to $23.36, slipping back below the 20-bar SMA. LINK registered a marginal increase from this level, as it rose to $24.51 before dropping back to $23.43. Currently, we can see that LINK has pushed above the 20-bar SMA and is at $24.
We can also see that the Parabolic SAR has 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
Looking at the Chainlink price chart, we can see that LINK has made a fairly strong recovery over the weekend. If the current sentiment persists, LINK could push past the 200-day SMA and settle around $26.