Chainlink Technical Analysis: LINK Looks To Push To $20 After Strong Weekend  

Daily Chainlink LINK Price Analysis

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Last Updated December 20th 2021
3 Min Read
  • The Chainlink price looked to push above $21 after a strong weekend saw it move above $20. 
  • LINK was quite bearish during the week and had dropped to $18 on Friday. 

The Chainlink price made a strong recovery over the weekend, as it reversed the prevailing bearish trend. LINK had dropped significantly on Thursday when the price dropped by almost 5% and settled at $18.77. Friday saw LINK continue to drop, falling by 2.61% and settling at $18.28. However, LINK recovered over the weekend after dropping to this level, rising by almost 7% on Saturday and settling at $19.54. The current session sees LINK already up by over 2%, with buyers looking to push the price further. 

Chainlink Price Chart Indicates LINK Looking To Settle Above $20 

The Chainlink price entered the previous weekend on a very bearish note, as the price dropped by over 8% and settled at $18.58 on Friday. Despite the bearish sentiment, the price pushed back over the weekend, rising by over 7% and settling at $19.95 on Saturday. Sunday saw LINK push above $20, as the price rose to $20.43. LINK crashed on Monday despite the bullish weekend, dropping by almost 13%, falling to $17.78, before recovering on Tuesday and rising to $18.45.

Image: LINK/USD daily

LINK/USD daily chart 122021

After rising to $18.45 on Tuesday, The Chainlink price continued to push higher on Wednesday, as it rose by almost 7% and settled at $19.69. However, the price fell back in the red on Thursday, dropping by 4.66% and settling at $18.77. Friday saw the price drop further, registering a drop of over 2%, with the price moving to $18.28. The weekend saw the price recover, as LINK rose by almost 7% on Saturday and moved up to $19.54. The current session sees LINK up by over 2%, as the price looks to move past $20.

We can see that the Parabolic SAR has turned bullish, indicating that we could see the price push further during the current session.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $19.09. At this price level, over 9000 addresses have bought more than 12 million LINK. LINK also faces strong resistance at around $22.64. At this price level, over 12,000 addresses have sold more than 12.3 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 122021

Looking at the 4-hour Chainlink price chart, we can see that LINK had dropped to $17.78 on the 14th. The price pushed up from this level as LINK rose to $18.48. However, LINK could not move past the 20-bar SMA and dropped back to $17.28. LINK rallied significantly from this level, as it pushed above the 20-bar SMA and 50-bar SMA to move to $20.26 on the 16th. However, LINK fell back drastically from this level, dropping below the 50-bar SMA and settling at $18.77, slipping below the 20-bar SMA and dropping to $18.27. LINK pushed back up from this level, as it moved above the two SMAs and moved to its current price level of $19.

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

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 122021

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has made a strong recovery over the weekend. If the current sentiment persists, we could see LINK push above $20.