- The Chainlink price registered a sharp drop, with the price currently down by almost 5%.
- LINK had started the week on a highly bearish note, falling by over 7% on Monday.
The Chainlink price slipped below the 200-day SMA as sellers forced the price down during the ongoing session. LINK was bullish over the weekend, ending Sunday at $29.01. However, the current week saw the price fall back, as it dropped to $26.81 on Monday. On Tuesday, the price made a marginal recovery, pushing up by 0.51% but fell back on Wednesday, slipping below the 200-day SMA.
Chainlink Price Chart Indicates LINK Could Slip Below $25
The Chainlink price started the previous week on an extremely bearish note, as the price dropped by over 5% on Monday, slipping below the 20-day SMA and settling at $32.05. Tuesday saw an even bigger drop, as LINK fell by almost 9%, falling to $29.17, where the 50-day SMA acted as support. LINK could only register an insignificant increase on Wednesday before turning bearish again on Thursday. The price slipped below the 50-day SMA and 200-day SMA on Thursday, as it fell by over 9% to settle at $26.56. However, LINK made a strong recovery from this level, rising by 6.55% to push above the 200-day SMA and settle at $28.30.
Image: LINK/USD daily
The Chainlink price continued to push up over the weekend, as it rose marginally on Sunday, registering an increase of 0.34%. Sunday saw LINK push up by over 2%, as it ended the weekend at $29.01. However, Monday saw LINK fall back into the red, as sellers pushed the price down by almost 8% to $26.81. The price posted a marginal recovery on Tuesday before dropping on Wednesday. The price is currently down by over 5%, and with the Parabolic SAR also currently bearish, we could see it drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $28.21. At this price level, more than 20,000 addresses have sold over 62 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped to $26.40 on the 19th. The price made a strong recovery from this level, rising to $28.61 and pushing above the 20-bar SMA. With the 20-bar SMA now acting as support, the price pushed could stay at this level for the next few sessions before rising to $29.01 on the 22nd. LINK fell back from this level, as it slipped to $26.42, going below the 20-bar SMA. The price pushed up to $27.21 from this level but fell back, dropping to its current level of $25.
We can see that the MACD has flipped to 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 had dropped considerably during the current session, slipping below the 200-day SMA. If the current sentiment persists, we could see the price drop below $25.