- The Chainlink price continued to drop during the current session, registering a marginal drop.
- LINK had registered a sharp drop on Tuesday, falling by nearly 5%.
The Chainlink price has registered a marginal drop during the current session, as sellers look to push the price down to $25. LINK had registered a drop of 2.44% on Saturday, getting off to a bearish start to the weekend. However, the price made a strong recovery on Sunday, rising by nearly 9% and settling at $27.54. Monday saw LINK continue to push higher, as the price moved to $27.99, before falling back on Tuesday and dropping to $26.60.
Chainlink Price Chart Indicates LINK Could Drop To $25
The Chainlink price was extremely bullish at the start of the previous week, rising by over 8%, pushing above the 50-day SMA, and settling at $23.71. The price registered a drop of 1.23% on Tuesday before recovering, rising by nearly 8% on Wednesday, pushing above the 200-day SMA and settling at $25.20. LINK continued to push on Thursday, rising by 0.78% and then rising by 2.22% on Friday and settling at $25.96.
Image: LINK/USD daily
After pushing up to $25.96 on Friday, the Chainlink price fell on Saturday, dropping by 2.44% and settling at $25.33. However, Sunday saw LINK back in the green, as it rose by nearly 9% and moved to $27.54. The bullish sentiment continued on Monday, as LINK started the week with an increase of 1.62%. However, LINK was back in the red on Tuesday, as the price dropped by nearly 5% to $26.60. The current session sees LINK down by nearly 1%, as sellers look to push the price to $25.
We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $25.88. At this price level, over 21,000 addresses have bought more than 50 million LINK.
Looking at the 4-hour Chainlink price chart, we can see that LINK had pushed up to $26.56 on the 8th. However, LINK could not stay at this level and fell back, dropping below the 20-bar SMA and settling at $24.04. LINK made a strong recovery from this level, rising back above the 20-bar SMA and pushing to $25.33. The price continued to increase, rising to $26.92 and then $28.28 on the 10th. However, LINK could not stay at this level and dropped to $26.49. Here the 20-bar SMA acted as support, and the price pushed back up to $28.19 before dropping back, slipping below the 20-bar SMA and dropping to its current level of $26.
We can see that the MACD is currently 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 see that LINK has fallen over the past couple of days. If the current sentiment persists, we could see LINK drop to $25.