Chainlink Price Prediction: LINK Registers Significant Drop On Monday, Slips To $13 

Daily Chainlink LINK Technical Analysis

By
Last Updated February 23rd 2022
3 Min Read
  • The Chainlink price hit its lowest point since July 2021, dropping to $13. 
  • LINK has had an extremely bearish start to the week and had dropped almost 8% on Monday. 

The Chainlink price continued to drop as sellers pushed the price down considerably, driving it below the $14 level. The current session sees LINK down by almost 2%, as sellers look to drive it lower. LINK had started the weekend on a fairly positive note, rising by 2.19%, before dropping back considerably on Sunday, falling by almost 6% and dropping to $14.60. The bearish sentiment persisted on Monday, as LINK dropped by nearly 8%, slipping below the $14 level to $13.50. The current session sees LINK at $13.26, with sellers in control. 

Chainlink Price Chart Indicates LINK Could Slip Below $13 

The Chainlink price started the previous weekend in the red, dropping by 1.45% on Saturday and then falling by 3.30% on Sunday to end the weekend on a bearish note. LINK recovered on Monday, rising by 1.90% and then surging by over 9% on Tuesday, pushing above the 20-day SMA and settling at $17.36. However, LINK fell back on Wednesday, registering a drop of 1.33%, before dropping back below the 20-day SMA on Thursday, falling by almost 9% to $15.59.

Image: LINK/USD daily

LINK/USD daily chart 022322

The Chainlink price remained in the red on Friday, as it dropped by almost 3% to $15.19. Despite the bearish sentiment, LINK recovered on Saturday, rising by over 2% before falling back in the red on Sunday, falling by almost 6% and ending the weekend at $14.60. LINK continued to drop from this level, dropping by almost 8% on Monday, slipping below the $14 level, and is down by almost 2% during the ongoing session.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $12.66. At this price level, over 8000 addresses have bought more than 3.4 million LINK.

More On Chainlink: Will LINK Value Increase?

Image: IntoTheBlock 

LINK/USD volume chart 022322

The 4-hour Chainlink price chart shows us that LINK had dropped to $16.54 on the 17th, slipping below the 20 and 50-bar SMAs. LINK continued to drop from this level, falling to $15.59 and then rising to $15.87. LINK fell back from this level, dropping to $15.21, and then stayed at this level for the subsequent few sessions before dropping to $14.73 on the 20th. LINK could register a fairly strong recovery from this level, rising to $15.20 on the 21st, where the 20-bar SMA came into play as resistance. As a result, LINK fell back considerably, dropping to $14.29 and then falling to its current level of $13.

We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 022322

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has been extremely bearish during the past few sessions and is down by almost 2% during the ongoing session. If the current sentiment persists, we could see LINK drop below $13 before making a recovery.

Read More:

Should You Buy Chainlink?

Could Chainlink Be A Millionaire-Maker Coin?

How To Trade Chainlink (LINK): A Step-by-Step Guide

Chainlink Price Predictions