- The Chainlink price is presently down by nearly 2% during the current session.
- LINK had registered a sharp drop on Thursday, dropping over 7% and settling at $24.86.
The Chainlink price has registered a fairly significant drop during the ongoing session, as sellers look to push LINK below $25. LINK had reported a sharp drop on Thursday, falling by 7.13% to $24.86. With the 200-day SMA acting as support, the price recovered on Friday, rising to $25.74. The weekend saw LINK back in the red, dropping over 2% on Saturday, before rising by 1.26% on Sunday to end the weekend at $25.50. The current session sees LINK back in the red, with the price slipping below $25.
Chainlink Price Chart Indicates 200-Day SMA Could Act As Support
The Chainlink price started the previous weekend on a fairly bearish note, dropping by 2.44% on Saturday. However, LINK made a strong recovery on Sunday, rising by almost 9% and settling at $27.54. The week started on a positive note, with LINK rising to $27.99 after an increase of 1.62%. However, LINK was back in the red on Tuesday, dropping by almost 5% and settling at $26.60, before making a marginal recovery on Wednesday, rising by 0.65%.
Image: LINK/USD daily
The Chainlink price fell back in the red on Thursday, as sellers drove the price back down by over 7% to $24.86. At this level, the 200-day SMA acted as support, and the price recovered on Friday, rising by 3.51% and settling at $25.74. However, LINK fell back in the red over the weekend, dropping by 2.14% to $25.19 on Saturday. Sunday saw LINK recover, as the price rose to $25.50 before dropping back during the current session.
We can see that the MACD has flipped to 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 $25.53. At this price level, over 20,000 addresses have sold more than 64 million LINK.
The 4-hour Chainlink price chart shows us that LINK had risen to $26.77 on the 12th. The 20-bar SMA came into play at this level, and the price fell back, dropping below the 50-bar SMA and settling at $25.84. LINK continued to drop from this level, falling to $24.68, then registering a marginal increase, before dropping back, falling to $24.24. LINK made a strong recovery from this level, pushing above the 20-bar SMA and settling at $25.92. LINK was able to stay at this level, thanks to the 20-bar SMA now acting as support, until it dropped back below the 20-bar SMA on the 16th, dropping to $24.95. The price pushed back up from this level, pushing back above the 20-bar SMA to $25.94, before slipping back below the SMA and moving to its current level of $24.
We can see that the Parabolic SAR is bullish, but if the price continues to drop, we can see it flip back to bearish.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
Looking at the Chainlink price chart, we can see that LINK has dropped during the ongoing session. However, we could see the 200-day SMA act as support, and LINK could recover and move to $26.