- The Chainlink price managed to stay above the crucial level of $15 on Tuesday, registering only a marginal drop.
- The current session sees LINK up by nearly 3%, as buyers look to push the price higher.
The Chainlink price is looking to reverse its recent bearish trend, as LINK looks to push above $16. LINK had ended the weekend on a fairly positive note, registering an increase of 5% and rising to $16.65. However, LINK fell back in the red on Monday, dropping by over 6% to $15.59 and then registering a marginal drop on Tuesday to settle at $15.50. The current session sees LINK nearing $15.90, as it looks to push higher.
Chainlink Price Chart Indicates LINK Could Push Above $16
The Chainlink price was extremely bearish during the previous week, as it registered a drop of nearly 7% on Monday, slipping below the 20 and 200-day SMAs and falling to $23.81. The price continued to drop on Tuesday, falling to $22.97 and then slipping below the 50-day SMA on Wednesday, registering a drop of 0ver 6% and settling at $21.55. LINK continued to drop on Thursday, falling to $20.20, and then reported a significant drop on Friday, falling nearly 14%, slipping below the $20 level and settling at $17.44.
Image: LINK/USD daily
The Chainlink price continued to remain in the red on Saturday, as the price dropped over 9% and fell to $15.86. However, LINK was able to register a recovery on Sunday, as it rose by 5% and settled at $16.65. LINK was back in the red on Monday, falling by 6.41% to $15.59, and then registered a marginal drop on Tuesday, falling by 0.57% and settling at $15.50. The current session sees LINK up by nearly 3% as buyers look to push the price above $16.
We can see that the MACD is currently bearish, but if the price continues to push higher, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $16.18. At this price level, over 9,000 addresses have sold more than 7.3 million LINK.
The 4-hour Chainlink price chart shows us that LINK had pushed up to $22.69 on the 20th. However, the 20-bar SMA was acting as resistance at this level, and the price fell back, dropping to $19.16 and then falling to $15.41 on the 22nd. LINK was able to register a marginal recovery from this level, as it rose to $16.65 before dropping to $13.97 on the 24th. LINK made a strong recovery from this level, rising to $15.59 before registering a marginal drop. The price then recovered again, pushing above the 20-bar SMA and moving to its current level of $15.99.
We can see that the MACD and Parabolic SAR are both bullish, indicating that we could see the price 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 is at the cusp of pushing to $0.16. If the current sentiment persists, we could see LINK push above $16 and test the resistance at $16.18.