Chainlink Technical Analysis: LINK Looks To Push Above 20-Day SMA After Marginal Recovery 

Daily Chainlink LINK Price Analysis

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Last Updated December 31st 2021
3 Min Read
  • The Chainlink price has registered a marginal increase during the current session, with LINK pushing to $20. 
  • LINK was quite bearish during the week, falling by over 11% on Tuesday. 

The Chainlink price pushed back up above $20 during the ongoing session, as LINK registered a marginal increase during the ongoing session. LINK had ended the weekend on a positive note and had managed to register a marginal increase on Monday. However, the price fell back on Tuesday, falling by over 11% and settling at $20.37, before dropping by over 3% on Wednesday and slipping below the 20-day SMA and settling at $19.74. 

Chainlink Price Chart Indicates Buyers Looking To Push LINK to $21

The Chainlink price started the previous week on a slightly bearish note, registering a marginal drop on Monday. However, the price was back in the green on Tuesday, rising by 3.51% and settling at $19.44. LINK continued to push up on Wednesday, rising to $19.92, before pushing above the 20-day SMA on Thursday and settling at $22.18, registering an increase of over 11%. Despite the bullish sentiment, the price was back in the red on Friday, dropping by over 3% and settling at $21.47.

Image: LINK/USD daily

LINK/USD daily chart 123121

The Chainlink price recovered over the weekend, rising by 3% on Saturday and then pushing up by almost 4% on Sunday to end the weekend at $22.98. A marginal increase on Monday took LINK to $23, but the price fell back after reaching this level, dropping by over 11% on Tuesday and falling to $20.37. On Wednesday, the price continued to drop, slipping below the 20-day SMA and settling at $19.74 before pushing back above $20 during the ongoing session.

We can see that the Parabolic SAR has just flipped to bearish, indicating that sellers could force the price down.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $22.23. At this price level, over 10,000 addresses have sold more than 18 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 123121

The 4-hour Chainlink price shows us that LINK had settled at $22.11 on the 26th. The price fell from this level, falling below the 20 and 200-bar SMAs and settling at $21.21, before recovering and pushing above the 200 and 20-bar SMAs, rising to $23.32. The price continued to push up from this level, moving to $24.22 on the 27th. After reaching this level, LINK fell back drastically, dropping back below the 20-bar SMA to $21.95 and then slipping below the 200 and 50-bar SMAs, falling to $20.39 on the 29th. LINK continued to drop from this level, slipping below $20 and dropping to $19.21, before rising to its current level of $20.

We can see that the MACD is currently bearish, indicating that the price could drop.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 123121

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has registered a marginal recovery during the current session. If buyers retain control, we could see LINK push above $20. However, if sellers retake the session, LINK could fall below $20.