Chainlink Technical Analysis: LINK Continues To Increase, Pushes Above $20 

Daily Chainlink LINK Price Analysis

Last Updated December 23rd 2021
3 Min Read
  • The Chainlink price has pushed above $20, as LINK continues to remain bullish. 
  • LINK has picked up over the past couple of sessions, despite making a fairly bearish start to the week. 

The Chainlink price continued to push higher during the ongoing session, as LINK managed to move above $20. LINK had gotten off to a reasonably bearish start to the week, after it had dropped by over 3% on Sunday, falling to $18.87. LINK remained in the red on Monday as it registered a marginal drop before rising by 3.48% on Monday and settling at $19.43 before pushing above $20 during the current session. 

Chainlink Price Chart Indicates LINK Could Move To $20.50 

The Chainlink price was quite bullish over the previous weekend, rising by over 7% on Saturday and by 2.43% on Sunday to settle at $20.43. LINK fell back on Monday despite the bullish weekend, dropping by almost 13% and settling at $17.78. However, the price was back in the green on Tuesday, as it rose by almost 4% and settled at $18.45. Wednesday saw a further increase, as LINK rose to $19.69, rising by almost 7%. LINK fell back in the red on Thursday, falling by 4.66% and then dropping by 2.61% on Friday to settle at $18.28.

Image: LINK/USD daily

LINK/USD daily chart 122321

After falling to $18.28 on Friday, the Chainlink price made a strong recovery on Saturday, rising by almost 7% and settling at $19.54. However, Sunday saw LINK back in the red, falling by 3.45% and settling at $18.87. The price continued to drop on Monday, as LINK registered a marginal drop, before recovering on Tuesday and settling at $19.43. The current session sees LINK continue to push higher, with the price already up by over 3%.

We can see that the Parabolic SAR is currently bullish, indicating that the price could push higher.

IntoTheBlock’s IOMAP for the Chainlink price shows us that LINK faces strong resistance at around $22.74. At this price level, over 9000 addresses have sold more than 11.5 million LINK. LINK also has strong support at around $18.85. At this price level, over 9600 addresses have bought more than 10 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 122321

The 4-hour Chainlink price chart shows us that LINK had pushed up to $20.26 on the 16th. The price fell back from this level, dropping below the 50-bar SMA and the 20-bar SMA to settle at $18.27 on the 17th. LINK pushed up from this level as the price rose above the 20 and 50-bar SMAs and moved to $19.80. LINK continued to push higher from this level, rising to $20.12, before turning bearish, dropping back below the 20 and 50-bar SMAs and settling at $18.45. LINK then pushed above the 20-bar SMA on the 21st and 50-bar SMA on the 22nd and moved to its current level of $20.

We can see that the Parabolic SAR and MACD are both bullish, indicating that the price could push higher. 

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 122321

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has been extremely bullish over the past couple of days. If buyers can manage to retain control of the session, we could see LINK push to $20.50.