- The Chainlink price registered a significant drop on Friday, as sellers pushed LINK below the 200-day SMA and $25.
- Currently, LINK is down to $23 and could drop further, with sellers in control of the session.
The Chainlink price has endured a significantly bearish weekend, as sellers pushed the price below $25 on Friday. LINK had ended Thursday on a positive note, rising to $26.38. However, the price fell back on Friday as sellers pushed it below the 200-day SMA to $23.97. LINK registered a marginal recovery on Saturday but fell back on Sunday, with the price currently down by over 3%.
Chainlink Price Chart Indicates LINK Could Stabilize At $23
The Chainlink price started the previous weekend on a positive note, rising marginally on Saturday and then pushing up by over 2% on Sunday to end the weekend at $29.01. However, the price fell back on Monday, dropping by 7.59% and falling to $26.81. At this level, the 200-day SMA was acting as support, and as a result, the price pushed up marginally on Tuesday. However, Wednesday saw LINK slip below the 200-day SMA and settle at $25.60 after dropping by 5%, as sellers took control of the session.
Image: LINK/USD daily
After dropping to $25.60 on Wednesday, the Chainlink price made a strong recovery on Thursday, rising by over 3%, pushing back above the 200-day SMA, and settling at $26.38. However, LINK dropped significantly on Friday, with sellers pushing the price back below the 200-day SMA to $23.97. After a marginal recovery on Saturday, the price was back in the red on Sunday, with LINK currently at $23.
We can see that the Parabolic SAR is currently bearish; however, if the price pushes up from its current level, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $23.14. At this price level, over 18,000 addresses have sold more than 37 million LINK.
The 4-hour Chainlink price chart shows us that LINK had slipped below the 20-bar SMA on the 22nd, with the price dropping to $27.49. With the 20-bar SMA now acting as resistance, LINK dropped to $25.29 on the 24th before pushing above the 20-bar SMA and moving to $27.35. However, with the 50-bar SMA coming into play as resistance, the price fell back below the 20-bar SMA and dropped to $23.36. LINK pushed up to $24.51 from this level before falling back to its current level of $23.
We can see that while the MACD is currently bearish, the price has seen signs of recovery. If the price pushes up during the current level, we could see it flip to bullish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK was extremely bearish over the weekend. However, with strong support at $23, we could see the price recover and push up to $25.