- The Chainlink price fell by over 7% during the current session, as crypto markets crashed.
- LINK had been quite bearish since the previous week, dropping after it pushed up to $34.70.
The Chainlink price continued to drop as its bearish week continued with sellers firmly in control. LINK has been bearish since Friday when the price dropped to $34.28. The weekend saw LINK remain in the red, falling by 0.79% on Saturday and 0.76% on Sunday to settle at $33.75. Monday saw a significant drop in price, as LINK dropped by over 5%, slipping below the 20-day SMA and settling at $32.05. The current session sees the bearish sentiment continue, with the price currently at $29.
Chainlink Price Chart Indicates LINK Could Drop Below $29
The Chainlink price started the previous weekend on a bearish note, as the price dropped by 2.48% on Saturday before making a marginal recovery on Sunday, settling at $32.34. The bullish sentiment persisted on Monday, with LINK rising by 6.56% to settle at $34.46. However, the price fell back on Tuesday, dropping to $33.82, before recovering on Wednesday and settling at $34.22. The price continued to push up on Thursday, rising by 1.42% and settling at $34.70.
Image: LINK/USD daily
After pushing up to $34.70 on Thursday, the Chainlink price fell into the red as sellers pushed the price down on Friday. LINK dropped by 1.22% as the price slipped to $34.28. The weekend saw the price stay in the red, dropping to $34.01 on Saturday and $33.75 on Sunday. The current week started in the same vein, as the price dropped by over 5% on Monday, slipping below the 20-day SMA. The current session sees the price currently down by over 7%, as it slipped below $30.
We can see that the Parabolic SAR and MACD have both flipped to bearish, indicating that the price could drop further.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $28.46. At this price level, over 21,000 addresses have bought more than 55 million LINK.
Image: IntoTheBlock
Looking at the 4-hour Chainlink price chart, we can see that LINK had surged to $38.11 on the 10th. The price dropped drastically from this level, falling to $34.22, where the 20-bar SMA acted as support. As a result, the price pushed up to $36.44 before dropping to $33.44, slipping below the 20-bar SMA as a result. At this level, the 50-bar SMA acted as support, propping up the price. LINk pushed up marginally to $34.28 but dropped back below the 50-bar SMA, settling at $33.43. LINK then fell further to $33.05 before recovering and rising to $34.26. However, with the 50-bar SMA acting as resistance, the price fell drastically, slipping below the 200-bar SMA and settling at $29.95. Currently, we can see that LINK is at $29.80, with the MACD currently bearish. We can also see that the RSI is almost below the neutral zone.
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 significantly during the current session, with the price currently at $69. LINK has support at $28, which means we could see the price stabilize at that level. If sellers manage to pierce this level of support, then we could see LINK drop to the 200-day SMA.