Chainlink Technical Analysis: LINK Registers Marginal Fall After Bullish Start To The Week

Daily Chainlink LINK Price Analysis

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Last Updated January 5th 2022
3 Min Read
  • The Chainlink price has dropped during the ongoing session, with LINK unable to push to $24. 
  • LINK had been extremely bullish since the weekend and had registered an increase of over 8% on Monday. 

The Chainlink price was quite bearish entering the weekend, dropping by over 2% and settling at $19.51. The price recovered over the weekend, rising by over 6% on Saturday and settling at $20.77. The price continued to increase on Sunday, rising by over 5% and moving to $21.87. The bullish sentiment persisted at the start of the week, as LINK rose over 8%, pushing above the 50-day SMA and settling at $23.71 before falling back during the ongoing session. 

Chainlink Price Chart Shows Marginal Drop During Ongoing Session  

The Chainlink price was quite bullish during the previous weekend, with the price rising by 3% on Saturday. LINK continued to push on Sunday, rising by nearly 4% and settling at $22.98. LINK managed to remain in the green on Monday, registering a marginal increase. However, the price fell back on Tuesday, falling by over 11% and settling at $20.37, and then dropped further on Wednesday, slipping below the 20-day SMA and settling at $19.74.

Image: LINK/USD daily

LINK/USD daily chart 010522

After dropping to $19.74 on Wednesday, the Chainlink price posted a marginal recovery on Thursday, rising by 1.02%. However, the price could not push past the 20-bar SMA and fell by over 2% on Friday, dropping to $19.51. The weekend saw LINK recover, rising by over 6% on Saturday, moving above the 20-day SMA, and settling at $20.77. The price continued to push up on Sunday, rising by 5.30% and settling at $21.87. Monday saw a significant increase, as LINK pushed above the 50-day SMA and settled at $23.71. However, with the 200-day SMA coming into play at this level, the price fell back marginally during the ongoing session.

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 $26.72. At this price level, over 30,000 addresses have sold more than 39 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 010522

The 4-hour Chainlink price chart shows us that LINK had dropped to $19.21 on the 30th. The price recovered from this level, rising to $20.18, and could stay at this level until the 31st when it rose to $20.36. The 20-bar SMA was acting as resistance at this level, and the price fell to $19.01. LINK made a strong recovery from this level, rising above the 20-bar SMA on the 1st, then moving past the 200-bar SMA on the 2nd, settling at $21.03. The price stayed at this level for a couple of sessions before pushing above the 50-bar SMA and moving to $22. After a marginal drop, LINK surged to its current level of $23.84.

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

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 010522

Chainlink Price Is Expected To Reach These Levels

We can see that the Chainlink price has been extremely bullish since the weekend. The current session sees LINK on the cusp of moving to $24. LINK could push towards the 200-day SMA if the current sentiment persists and possibly move beyond that level.