- The Chainlink price is down by nearly 3%, as sellers continued to drive the price lower.
- LINK had been relatively bullish in recent sessions and had pushed up to $18.88 on Monday.
The Chainlink price fell back during the current session and is currently down by almost 3%, with LINK presently at $18.14. LINK had registered a significant increase on Monday, rising by 4.50% and moving to $18.88. The price fell back on Tuesday, falling by nearly 3% and dropping to $18.39, before recovering on Wednesday, rising by 1.52% and moving to $18.67 before dropping back during the current session.
Chainlink Price Chart Indicates LINK Could Slip Below $18
The Chainlink price started the previous week in the red, dropping by 3.50% and settling at $17.17. LINK remained in the red on Tuesday, registering a drop of 0.99%, and then fell by over 7% on Wednesday, dropping to $15.78. Despite the bearish sentiment, LINK recovered, rising by over 3% on Thursday, pushing up to $16.30. Friday saw LINK remain bullish, as the price surged by over 7%, rising to $17.51.
Image: LINK/USD daily
The Chainlink price remained bullish over the weekend, rising by 1.46% on Saturday, pushing above the 20-day SMA, and then rising by nearly 2% on Sunday and ending the weekend at $18.07. LINK continued to push higher on Monday, rising by 4.50% and moving to $18.88. The price fell back on Tuesday, falling by nearly 3%, before recovering and rising to $18.67 on Wednesday. The current session sees LINK down by over 3%, as sellers look to push the price lower.
We can see that the MACD is bullish, but we could see it flip to bearish if the price drops further.
IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $20.56. At this price level, over 5600 addresses have sold more than 25 million LINK.
The 4-hour Chainlink price chart shows us that LINK had pushed up to $16.30 on the 4th. At this level, the 50-bar SMA was acting as resistance. However, LINK surged past this level, rising to $17.90 on the 5th, after surging past the 20 and 50-bar SMAs. The price fell back from this level, dropping to $17.46, before recovering and rising to $19.19 on the 7th. After reaching this level, LINK fell back below the 20-bar SMA and dropped to $18.04 on the 8th. The price pushed back above the 20-bar SMA on the 9th, when it rose to $18.67, before dropping back below the SMA to its current level of $18.10.
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 dropped considerably during the ongoing session, as sellers look to drive the price lower. If the current sentiment persists, we could see LINK drop below $18.