- The Chainlink price crashed through a significant support level of $18 on Friday, dropping to $17.44.
- LINK continued to drop on Saturday, as the price fell by over 9% and settled at $15.86.
The Chainlink price has registered a marginal recovery during the ongoing session, as it found support at $15 after sellers pierced the support level at $18. LINK had slipped below the 50-day SMA on Wednesday and dropped to $20.20 on Thursday, falling over 6%. The price continued to drop on Friday, as it registered a huge fall of almost 14% and dropped to $17.44. Saturday saw another significant drop, as LINK dropped by 9% and settled at $15.86 before making a recovery during the ongoing session.
Chainlink Price Chart Indicates LINK Looking To Push Back To $18
The Chainlink price has spent most recent sessions in the red, and last weekend was no different as the price started off the previous weekend with a drop of 1.45% on Friday. LINK pushed up over the weekend, as it rose by 2.81% on Saturday and then by 1.24% on Sunday to end the weekend on a positive note at $25.51. The price was back in the red on Monday, as the price slipped below the 200 and 20-day SMAs, settling at $23.81. The bearish sentiment continued on Tuesday, with LINK registering a drop of 3,53% and settling at $22.97.
Image: LINK/USD daily
The Chainlink price continued to drop on Wednesday, as it slipped below the 50-day SMA and settled at $21.55, and then registered a drop of 6.26% on Thursday, falling to $20.20. Friday saw the price continue to drop, as LINK registered a drop of nearly 14%, seeing the price drop to $17.44. The price continued to drop on Saturday, as LINK registered a drop of over 9% before recovering during the ongoing session.
We can see that the Parabolic SAR and MACD are 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 faces strong resistance at around $16.63. At this price level, over 5500 addresses have sold more than 4 million LINK.
Image: IntoTheBlock
The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 17th when it fell to $24.85. LINK continued to drop from this level, falling to $23.81 and then slipping below the 200-bar SMA on the 18th, when the price dropped to $22.51. ADA fell further to $21.49 before recovering and then rising to $22.69. The 20-bar SMA was acting as resistance at this level, and LINK fell back, registering a sharp drop to $19.16 on the 21st. LINK continued to drop from this level, falling to $15.41 on the 22nd, before moving to its current level of $16.
We can see that the MACD has just flipped to bullish, indicating that the price could push higher.
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 fallen back into the red at the time of writing. If sellers manage to retake the session, we could see LINK slip below $15. However, LINK could push to $16 and above if buyers can retain the session.