Chainlink Technical Analysis: LINK Recovers, Moves Past 50-Day SMA And Rises To $22

Daily Chainlink LINK Price Analysis

By
Last Updated January 21st 2022
3 Min Read
  • The Chainlink price has registered a strong recovery during the ongoing session and is currently up by almost 5%. 
  • LINK has been quite bearish during the current week and had dropped to $21.54 on Wednesday. 

The Chainlink price had started the week on a bearish note after it had ended the weekend at $25.51. LINK dropped below the 200 and 20-day SMAs on Monday, as it fell to $23.81. On Tuesday, the price continued to drop, falling to $22.97 and then slipping below the 50-day SMAs on Wednesday, registering a drop of over 6% and settling at $21.54. The price has recovered from this level during the current session and moved back above the 50-day SMA to $22. 

Chainlink Price Chart Indicates LINK Looking To Push Towards $25 

The Chainlink price started the previous week on a positive note, rising by 1.60% on Monday. The price fell back on Tuesday, dropping by almost 5% and settling at $26.60, before making a marginal recovery on Wednesday and moving to $26.77. However, the price fell back on Thursday, falling to $24.86 after a fall of over 7%. The 200-day SMA was acting as support at this level, but LINK fell below this level on Friday, slipping to $24.54.

Image: LINK/USD daily

LINK/USD daily chart 012122

After slipping below the 200-day SMA on Friday, the Chainlink price pushed up over the weekend, rising by 2.65% on Saturday and then by 1.24% on Sunday to end the weekend at $25.51. However, Monday saw the price fall back in the red, dropping by nearly 7%, slipping below the 200 and 20-day SMA, and settling at $23.81. LINK continued to drop on Tuesday, dropping by 3.53%, then slipping below the 50-day SMA on Wednesday and dropping to $21.54. The current session sees LINK at $22, with buyers in control of the session.

The MACD is currently bearish, but if the price continues to increase, we could see it move to $22.55.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $23.50. At this price level, over 16,000 addresses have sold more than 51 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 012122

The 4-hour Chainlink price chart shows us that LINK had pushed up to $25.92 on the 15th. The price slipped back below the 20-bar SMA on the 16th, dropping to $24.95 and then pushing back above the 20-bar SMA, moving to $25.94. However, with the 50-bar SMA coming into play as resistance at this level, the price fell back, dropping below the 20-bar SMA, falling to $24.85 on the 17th. The price continued to drop from this level, slipping below the 200-bar SMA on the 18th and settling at $22.38. The price continued to drop from this level, dropping to $21.49 on the 19th and then moving to its current level of $22.

We can see the Parabolic SAR and MACD are bullish, indicating that the price could recover.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 012122

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has recovered during the current session after a fairly bearish week. If LINK can maintain the current sentiment, we could see the price push towards the resistance at $23.