Chainlink Technical Analysis: LINK Continues To Drop, Slips Below $27 

Daily Chainlink LINK Price Analysis

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Last Updated November 24th 2021
3 Min Read
  • The Chainlink price continued to fall in today’s session, with the price currently down by over 1%. 
  • LINK had started the week on a bearish note, dropping by almost 8% on Monday. 

The Chainlink price remained in the red during the current session, as sellers looked to push the price below the 200-day SMA. LINK had pushed up considerably over the weekend, with the price rising by over 6% on Friday and settling at $28.30. LINK remained bullish over the weekend as it registered a marginal increase on Saturday before pushing up by over 2% on Sunday to end the weekend at $29.01. However, the price fell back significantly on Monday, as LINK dropped to $26.81. 

Chainlink Price Chart Indicates LINK Could Slip Below $26 

The Chainlink price had started the previous weekend on a bearish note, as the price dropped by 0.79% on Saturday and 0.76% on Sunday, ending the weekend at $33.75. Monday saw the bearish sentiment continue, as LINK dropped by over 5%, slipping below the 20-day SMA and settling at $32.05. Tuesday saw an even bigger fall, with the price dropping by almost 9% and settling at $29.17. LINK could only make a marginal recovery on Wednesday before dropping by over 9% on Thursday, slipping below the 50-day and 200-day SMA and settling at $26.56.

Image: LINK/USD daily

LINK/USD daily chart 112421

After registering a sharp drop on Thursday, the Chainlink made a strong recovery, as it rose by 6.55%, pushing above the 200-day SMA and settling at $28.30. The weekend remained positive for LINK, as the price pushed up marginally on Saturday before rising by 2.19% on Sunday and moving up to $29.01. However, the current week saw LINK fall back into the red, as the price dropped by over 7% on Monday, falling to $26.81. Tuesday sees LINK currently at $26.50, with sellers looking to push the price below the 200-day SMA.

Currently, we can see that the Parabolic SAR is bearish, indicating that the price could drop further.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $28.50. At this price level, over 18,000 addresses have sold 58 million LINK. We can also see that LINK has strong support at around 22.98. At this price level, over 18,000 addresses have bought more than 38 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 112421

Looking at the 4-hour Chainlink price chart, we can see that LINK had registered a sharp fall on the 16th, slipping below 200-bar SMA and falling to $28.47 on the 17th. The price pushed up marginally from this level but fell back, dropping to $26.40. The price made a strong recovery from this level, as it rose to $28.61, pushing above the 20-day SMA. With the 20-day SMA now acting as support, LINK maintained this level and pushed up to $29.01 before dropping below the 20-bar SMA and settling at $27.15. From this level, LINK dropped further, as the price fell to its current level of $26.

We can see that the MACD is currently bearish, indicating that the price could drop. However, if LINK goes past the resistance at $28, when we could see it flip to bullish.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 112421

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK had posted a significant fall on Monday, with the price in the red during the current session as well. If the current sentiment persists, we could see LINK drop below the 200-day SMA. However, if the price recovers, it could push up to $28.