- The Chainlink price is down by almost 2%, as bearish sentiment pushed the price down marginally.
- LINK was quite bullish at the start of the week and had surged by over 9% on Tuesday.
The Chainlink price fell back during the ongoing session, as it failed to capitalize on the prevailing bullish sentiment. Currently, LINK is down by almost 2%, as it looks to stay above the 20-day SMA. LINK had ended the weekend on a fairly bearish note, dropping by over 3%. Monday saw LINK recover, as it rose by almost 2% to $15.90 and then surged by over 9% on Tuesday, pushing past the 20-day SMA and settling at $17.36.
Chainlink Price Chart Indicates Link Struggling To stay Above $17
The Chainlink price was fairly positive over the previous weekend, as it pushed past the 20-day SMA on Saturday and then rose by 1.69% on Sunday to end the weekend at $18.07. Monday saw LINK remain bullish, as the price pushed up by 4.50% to $18.88 before dropping back on Tuesday and falling to $18.39. LINK recovered on Wednesday, rising by 1.64%, before dropping back on Thursday, falling by nearly 6% and dropping to $17.57.
Image: LINK/USD daily
The Chainlink price continued to drop on Friday, falling by nearly 7%, slipping below the 20-day SMA, and dropping to $16.37. The weekend saw LINK remain bearish, as it registered a drop of 1.45% on Saturday and then a drop of over 3% on Sunday to end the weekend at $15.60. Despite the bearish sentiment, LINK was able to recover on Monday, rising by almost 2% and then surging by over 9%, pushing above the 20-day SMA and moving to $17.36 before dropping back during the current session.
We can see that the MACD is currently bullish, but if LINK continues to drop, we could see it flip to bearish.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $17.27. At this price level, over 5000 addresses have sold more than 11 million LINK.
The 4-hour Chainlink price chart shows us that LINK had pushed up to $18.64 on the 10th. However, the price fell back from this level, dropping below the 20-bar SMA and falling to $17.72. LINK continued to drop from this level, slipping below the 50-bar SMA and dropping to $17.39. LINK was able to make a marginal recovery from this level, but could not move past the 50-bar SMA, instead registering a sharp drop and falling to $16.10 on the 12th. LINK remained bearish after dropping to this point and fell to $15.36 on the 14th. LINK was able to recover from this level, rising to $15.90 and then pushing past the 20 and 50-bar SMAs and rising to $17.36 on the 16th. LINK fell back from this level, registering a marginal drop, slipping below the 50-bar SMA and moving to its current level of $17.
We can see that the Parabolic SAR and MACD are bullish, but if LINK cannot move past the 50-bar SMA, 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 that LINK has registered a marginal drop during the ongoing session. If sellers can retain the session, we could see LINK drop below $17. However, if the price recovers, LINK could push towards $17.50.