- The Chainlink price registered a marginal increase during the ongoing session, as buyers look to push the price higher.
- LINK had been quite bearish in recent sessions and had dropped by nearly 7% on Friday.
The Chainlink price registered a marginal increase during the current session as buyers returned to the market. LINK had been quite bearish in recent sessions and had dropped by nearly 6% on Thursday before registering another significant drop on Friday, falling below the 20-day SMA and falling to $16.37. The weekend started with LINK remaining in the red, dropping by 1.45% on Saturday before recovering during the ongoing session.
Chainlink Price Chart Indicates LINK Looking To Push Above 20-Day SMA
The Chainlink price started the previous weekend extremely bullishly, rising by over 7% on Friday and moving to $17.51. LINK continued to push higher over the weekend, rising by 1.46% on Saturday and then 1.69% on Sunday to end the weekend at $18.07. Monday saw LINK continue to push higher, as the price rose by 4.50%, moving to $18.88, before dropping back on Tuesday and falling to $18.39. LINK recovered on Wednesday, rising by 1.64% and moving to $18.69.
Image: LINK/USD daily
After reaching $18.69 on Wednesday, the Chainlink price fell back significantly, dropping by nearly 6% and falling to $17.57. LINK continued to drop from this level, dropping by almost 7% on Friday, slipping below the 20-day SMA and falling to $16.37. The weekend saw LINK remain bearish, dropping by 1.45%, before registering a marginal recovery during the ongoing session.
We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop.
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 10.9 million LINK.
The 4-hour Chainlink price shows us that LINK had pushed up to $19.19 on the 7th of February. After reaching this level, the price fell back, dropping $18.28 and then slipping below the 20-bar SMA, falling to $18. With the 20-bar SMA acting as resistance, LINK could not push past this level until the 9th, when it pushed above the 20-bar SMA and rose to $18.67. However, the price fell back after reaching this level, dropping back below the 20-bar SMA and falling to $17.72, and then dropping below the 50-bar SMA, falling to $17.39 on the 11th. LINK could not push past the 50-bar SMA after dropping to this level, instead falling further, dropping to its current level of $16.
We can see that the MACD and Parabolic SAR are bearish, indicating that we could see the price drop further.
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 bearish in recent sessions, although it has registered a marginal recovery during the ongoing session. If the current sentiment persists, we could see LINK push towards $16.50. However, if the price drops, we could see LINK slip below $16.