Chainlink Price Prediction: LINK Unable To Reverse Bearish Trend, Falls To $15 

Daily Chainlink LINK Technical Analysis

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Last Updated February 4th 2022
3 Min Read
  • The Chainlink price is marginally down during the ongoing session, with LINK down by almost 1%. 
  • LINK had registered a sharp drop on Wednesday, falling over 7% and dropping to $15. 

The Chainlink price continued its bearish week as LINK continued to slide, slipping below $16 on Wednesday. LINK has been extremely bearish during the current week, even though it had ended the weekend on a positive note. LINK dropped over 3% on Monday, dropping to $17.17 before a further drop of 0.99% on Tuesday pushed the price down to $16.99. LINK continued to drop on Wednesday, dropping over 7% and falling to $15.78, and then continuing to drop during the ongoing session. 

Chainlink Price Chart Indicates LINK Could Slip Below $15 

The Chainlink price started the previous week firmly in bearish territory, as the price dropped by over 6% on Monday, falling to $15.59. The price continued to drop on Tuesday, falling by 0.57% and then further dropping by 1.69% on Wednesday, dropping to $15.24. LINK remained at $15 on Thursday before making a strong recovery on Friday and rising by over 6%, pushing up to $16.16.

Image: LINK/USD daily

LINK/USD daily chart 020422

The Chainlink price remained bullish over the weekend, rising by 0.46% on Saturday and then surging by nearly 10% on Sunday to end the weekend at $17.79. Despite the bullish sentiment, LINK fell back in the red on Monday, dropping by 3.50% and falling to $17.17. LINK continued to drop on Tuesday, dropping by 0.99% and then falling over 7% on Wednesday and dropping to $15.78. The current session sees LINK marginally down, as sellers look to push the price below $15.

We can see that the MACD is 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 $16.33. At this price level, over 8500 addresses have sold more than 10.9 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 020422

The 4-hour Chainlink price chart shows us that LINK had pushed up to $16.12 on the 26th. The price fell back after reaching this level, dropping back below the 20-bar SMA and falling to $14.48. The price pushed back to $15.35 on the 27th but could not push past the 20-bar SMA and fell back, dropping to $14.93 on the 28th. The price pushed up significantly from this level, pushing above the 20 and 50-bar SMAs and rising to $17.79 on the 31st. However, LINK fell back after reaching this level, slipping below the 20-bar SMA and falling to $16.85. LINK continued to drop from this level, falling below the 50-bar SMA on the 3rd, moving to its current level of $15.

We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 020422

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we see that LINK has been extremely bearish during the current week. If the current sentiment persists, we could see LINK drop below $15.