Chainlink Technical Analysis: LINK Makes Positive Start To Week After Bearish Weekend 

Daily Chainlink LINK Price Analysis

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Last Updated November 16th 2021
3 Min Read
  • The Chainlink price is currently up by almost 1% during the current session. 
  • LINK had been quite bearish over the weekend, with the price dropping to $33 on Sunday. 

The Chainlink price started the week on a positive note, as the price pushed past $34. LINK had been quite bearish before Monday, as the price dropped by 1.22% on Friday after a highly volatile session. LINK remained in the red on Saturday, falling by 0.79%, and then registered another drop of 0.76% on Sunday to end the weekend at $33.75. However, the current session has seen a relatively strong recovery. 

Chainlink Price Chart Indicates LINK Could Push Past $35 

The Chainlink price got off to a reasonably bearish start over the previous weekend, as the price dropped by 2.49% on Saturday. The price recovered on Sunday and posted a marginal recovery, ending the weekend at $32.34. Monday saw LINK surge as the price rose by almost 7%, pushing up to $34.46. However, the price fell back on Tuesday, as it dropped by 1.85% to settle at $33.82. Wednesday saw LINK experience a highly volatile session before it ultimately registered an increase of 1.18%, pushing up to $34.22.

Image: LINK/USD daily

LINK/USD daily chart 111621

The Chainlink price continued to push up on Thursday, as it rose by 1.40%, settling at $34.70. However, after reaching this level, LINK turned bearish, as it dropped by 1.22% on Friday. The weekend saw the bearish sentiment continue, as LINK dropped by 0.79% on Saturday and by 0.76% on Sunday to drop to $33.75. The current session has seen a recovery as LINK starts the week on a positive note, with the price up to $34. We can see that the Parabolic SAR is bullish, while the MACD has just flipped to bearish. However, if the price continues to push up, we could see the MACD flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $30.38. At this price level, over 21,000 addresses have bought more than 27 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 111621

The 4-hour Chainlink price chart shows us that after pushing past the 20 and 50-bar SMAs, LINK pushed up to $35.17 on the 9th. The price dropped from this level, as it fell to $33.53, where the 20-bar SMA was acting as support. As a result, the price surged to $38.11 before turning bearish and dropping to $34.22. LINK pushed up to $36.44 from this level but then slipped below the 20-bar SMA and dropped to $33.44, where the 50-bar SMA was acting as support. With the 20-bar SMA now acting as resistance, LINK could not push past this level and slipped below the 20-bar SMA, dropping to $33.05, before recovering and reaching its current level of $34. We can see that the Parabolic SAR is bearish, while the MACD has flipped to bullish. If the price increases, we could see the Parabolic SAR flip to bullish as well.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 111621

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has made a recovery during the current session after a fairly significant drop over the weekend. If the current sentiment persists, we could see LINK push beyond $35.