- The Chainlink price is down nearly 5% during the ongoing session.
- LINK has been extremely bearish over the past couple of sessions and had dropped nearly 7% on Monday.
The Chainlink price slipped below $23 during the ongoing session, as buyers look to push the price towards $20. LINK has been on a bearish since last week and started the weekend in the red, dropping by 2.14%. The price recovered on Sunday, rising by 1.26% but fell back on Monday, as LINK registered a drop of almost 7%, slipping below the 200 and 20-day SMAs. The current session sees LINK down almost 5%, with the price currently at $22.
Chainlink Price Chart Indicates LINK Could Find Support At 50-Day SMA
The Chainlink price had registered a drop of 2.44% on Saturday (8th) as the previous weekend got off to a bearish start for LINK. The price made a strong recovery on Sunday, rising by almost 9% and moving to $27.54, and then rose by 1.62% on Monday, moving to $27.99. On Tuesday, the price fell back, dropping almost 5% and settling at $26.60, before registering a marginal increase on Wednesday. Thursday saw the price back in the red, as LINK dropped over 7%, slipping below $25 and settling at $24.86, where the 200-day SMA was acting as support.
Image: LINK/USD daily
After a significant drop on Thursday, the Ripple price made a strong recovery on Friday, rising by 3.51% and settling at $25.74. The price fell back in the red on Saturday, dropping over 2%, before registering a marginal recovery on Sunday and settling at $25.50. The current week saw LINK back in the red, as the price fell below the 200 and 20-day SMAs, dropping to $23.81. The current session sees LINK at $22, with the price down almost 5%.
The Parabolic SAR has flipped to bearish, indicating that we could see the price drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.65. At this price level, over 16,000 addresses have sold more than 50 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped below the 50-bar SMA on the 13th, dropping to $24.68. The price made a marginal recovery from this level before dropping further to $24.24. LINK made a strong recovery from this level, pushing above the 20-bar SMA and rising to $25.92. However, LINK could not stay at this level and fell back to $24.95. LINK made a strong recovery from this level, pushing back above the 20-bar SMA to $25.94 before dropping back below the 20-bar SMA and settling at $24.85 on the 17th. LINK continued to drop from this level, as the price dropped to $23.81, and then slipped below the 200-bar SMA, moving to its current level of $22. The MACD and Parabolic SAR are bearish, indicating a further price drop.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we see that LINK has been extremely bearish over the past couple of days. We could see LINK find support at the 50-day SMA, but if sellers manage to pierce this level of support, LINK could drop to $20.