- The Chainlink price is up by over 2% during the ongoing session, as buyers pushed the price back above $16.
- LINK had been relatively bearish in recent sessions and had dropped by nearly 7% on Friday.
The Chainlink price has made a fairly strong recovery over the past couple of sessions and pushed up above $16 during the ongoing session. LINK had started the weekend in the red, dropping by 1.45% on Saturday and then over 3% on Sunday, settling at $15.60. However, despite the bearish sentiment, LINK recovered on Monday, rising by almost 2% and then pushing to $16 during the ongoing session.
Chainlink Price Chart Indicates LINK Could Push Above 20-day SMA
The Chainlink price started the previous weekend by pushing above the 20-day SMA on Saturday and then rising by almost 2% on Sunday to end the weekend at $18.07. Monday saw LINK continue to push higher, rising by 4.50%, before dropping back on Tuesday, falling by nearly 3% and settling at $18.39. However, LINK was able to recover on Wednesday, rising by almost 2%, before dropping back on Thursday, falling by almost 6% and dropping to $17.57.
Image: LINK/USD daily
The Chainlink price remained in the red on Friday, as the price fell by almost 7%, slipping below the 20-day SMA and falling to $16.37. The weekend saw LINK remain in the red, as the price dropped by 1.45% on Saturday and then fell by over 3% on Sunday to end the weekend at $15.60. Despite the prevailing bearish sentiment, LINK recovered on Monday, rising by almost 2% on Monday and then pushing up above $16 during the current session.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $17.08. At this price level, over 9000 addresses have sold more than 10.8 million LINK.
The 4-hour Chainlink price chart shows us that LINK had pushed up to $18.67 on the 9th, pushing above the 20-bar SMA. The price fell back from this level, slipping back below the 20-bar SMA and falling to $17.72. LINK continued to drop from this level, falling below the 50-bar SMA and dropping to $17.39 on the 11th. LINK registered a marginal recovery from this level but was unable to move past the 50-bar SMA and fell back significantly, falling to $16.10. LINK continued to drop from this level, falling to $15.36 on the 14th, before recovering and pushing above the 20-bar SMA to its current level of $16.36.
We can see that the MACD and Parabolic SAR are currently 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 been quite positive since the start of the week. If the current sentiment persists, we could see LINK push above the $16 level.