Chainlink Technical Analysis: LINK Looks To Move Back Above $20 

Daily Chainlink LINK Price Analysis

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Last Updated December 15th 2021
3 Min Read
  • The Chainlink price is up by almost 3% during the ongoing session, as the price looks to recover. 
  • LINK had dropped by almost 13% on Monday, as the price crashed at the start of the week. 

The Chainlink price is looking to recoup its losses and move back above $20 as LINK pushes up by almost 3%. LINK was quite bullish over the weekend, as the price pushed up by over 7% on Saturday. The price continued to increase on Sunday, registering an increase of 2.41% and ending the weekend at $20.43. However, on Monday, the price fell back as LINK dropped by nearly 13%, dropping to $17.78. 

Chainlink Price Chart Indicates LINK Looking To Move Towards $20 

The Chainlink price was quite positive at the start of the previous week, registering an increase of almost 2% on Monday. LINK continued to push up on Tuesday, as it registered an increase of over 6%, moving up to $21.10. Wednesday saw an even more significant increase, with LINK rising by 8.66% and settling at $22.93. However, despite the bullish start to the week, LINK dropped on Thursday, falling by over 11% and settling at $20.30. On Friday, the price continued to drop as LINK dropped to $18.56, after dropping by 8.59%.

Image: LINK/USD daily

LINK/USD daily chart 121521

After dropping by over 8% on Friday, the Chainlink price recovered over the weekend, rising by 7.49% on Saturday and moving up to $19.95. The price continued to push up on Sunday, rising by 2.41% and ending the weekend on a positive note at $20.43. However, Monday saw the price fall back, as LINK dropped by almost 13%, slipping below $20 and settling at $17.25, although the current session has seen a marginal recovery.

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

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $20.03. At this price level, over 4500 addresses have sold more than 13 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 121521

The 4-hour Chainlink Price chart shows us that LINK had pushed above the 50-bar SMA on the 8th when it pushed up to $22.86. However, LINK could not stay at this level, as the price dropped significantly, slipping below the 50 and 20-bar SMAs and dropping to $18.56 on the 11th. The price recovered from this level, pushing to $20.06, but could not move past the 20 and 50-bar SMAs, and dropped marginally to $19.50. The price pushed up from this level moving above the 20 and 50-bar SMAs, as LINK rose to $20.40. However, the price fell sharply from this level, slipping back below the 20 and 50-bar SMAs to $17.78 on the 14th, before rising to its current level of $18.

We can see that the MACD is still bearish, indicating that we could see the price drop further. However, if the price recovers, we could see it flip to bullish.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 121521

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK had dropped significantly on Monday, falling by almost 13%. The current session has seen a marginal recovery, and although LINK faces strong resistance at around $20, we could see the price push to $19 if the current sentiment persists.