- The Chainlink price did not register much movement over the weekend, with the price remaining fairly static on Saturday.
- LINK was quite bearish during the previous week and had dropped by over 9% on Tuesday.
The Chainlink price did not see much movement over the weekend but saw the price drop marginally during the current session as sellers looked to push the price below $28. LINK had registered a sharp drop on Thursday, as the price fell by over 9% and settled at $26.56. Friday saw LINK make a strong recovery, as it pushed up by 6.55% and settled at $28.30. However, the price fell flat over the weekend, as it registered only a marginal increase on Saturday before dropping into the red on Sunday.
Chainlink Price Chart Indicates LINK Could Drop To $26
The Chainlink price started the previous weekend in the red, as it dropped by 1.23% on Friday. The weekend saw LINK remain in the red, dropping by 0.79% on Saturday and 0.76% on Sunday to end the weekend at $33.75. Monday saw the bearish sentiment persist, as the price dropped by 5.03%, slipping below the 20-day SMA and settling at $32.05. Tuesday saw an even bigger fall, as LINK dropped by almost 9%, falling to $29.17, where the 50-day SMA was acting as support. As a result, LINK made a marginal recovery on Wednesday, rising by 0.10%.
Image: LINK/USD daily
After registering a marginal price increase, the Chainlink price registered another sharp drop on Thursday, falling by 9.05$, slipping below the 50-day and 200-day SMA and settling at $26.56. Friday saw the price recover, as it rose by 6.55%, pushing back above the 200-day SMA and settling at $28.30. Saturday did not see much movement in price as LINK registered only a marginal increase before falling back into the red on Sunday.
Currently, we can see that the MACD is bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $28.44. At this price level, more than 20,000 addresses have sold over 60 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 15th. LINK continued to drop further on the 16th, as it slipped below the 200-bar SMA and settled at $29.95. After a marginal increase, the price dropped further to $28.47 and then to $26.40, where the price found support and could stabilize. LINK pushed up from this level, as it rose to $28.61, pushing above the 20-bar SMA. With the 20-bar SMA now acting as support, the price managed to stay at this level and is currently at $27.84 after registering only a marginal drop. We can see that the Parabolic SAR and MACD are bullish, indicating that the price could rise. However, if the price continues to drop, then we could see them flip to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the 4-hour Chainlink price chart, we can see that LINK faces strong resistance at around $28, and as a result, the price has fallen during the current session. If the current trend continues, we could see LINK drop to $26, where it could find support.