Chainlink Technical Analysis: LINK Remains Bullish, Looks To Push To $17 

Daily Chainlink LINK Price Analysis

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Last Updated January 31st 2022
3 Min Read
  • The Chainlink price continued to push up during the ongoing session and is currently up by over 2%. 
  • LINK has been quite positive over the past couple of sessions and had registered an increase of over 6% on Friday. 

The Chainlink price is currently up by over 2%, as it looks to reverse the bearish trend that had dominated the market over the past week. LINK had registered a drop of nearly 2% on Wednesday, falling to $15.24. LINK remained at $15 on Thursday before making a strong recovery on Friday, rising by over 6% and moving to $16.16. Saturday saw a marginal recovery, as LINK remained in the green before rising by over 2% during the ongoing session. 

Chainlink Price Chart Indicates LINK Could Push To $17 

The Chainlink price started the previous weekend on an extremely bearish note, registering a drop of nearly 14%, and falling to $17.44. LINK continued to drop on Saturday, falling by over 9%, slipping below $16, and settling at $15.86. Despite the bearish sentiment, LINK registered an increase on Sunday, rising by 5% and ending the weekend at $16.65. However, Monday saw LINK back in the red, falling by 6.41% and settling at $15.59, before a marginal drop on Tuesday took the price down to $15.50.

Image: LINK/USD daily

LINK/USD daily chart 013122

The Chainlink price continued to remain in the red on Wednesday, after a highly volatile session sawn LINK drop by nearly 2% to $15.24. LINK remained at $15 on Thursday before making a strong recovery on Friday and rising by over 6%, moving to $16.16. The weekend saw LINK maintain its positive sentiment, registering a marginal increase on Saturday before pushing up to $16.53 during the ongoing session.

While the MACD is currently bearish, if LINK continues to push higher, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $15.27. At this price level, over 7,000 addresses have bought more than 10 million LINK.

Image: IntoTheBlock 

LINK/USD volume chart 013122

The 4-hour Chainlink price chart shows us that LINK had dropped significantly on the 24th, falling to $13.97. The price recovered from this level, rising to $15.59, where the 20-bar SMA was acting as resistance. LINK could push above the SMA only on the 26th when it rose to $15.93. However, after reaching this level, LINK fell back below the 20-bar SMA and fell to $14.48. The price pushed back up from this level but could only rise to $15.35, with the 20-bar SMA acting as resistance again. LINK was able to move past this level only on the 28th, when it rose to $15.55, pushing above the 20-bar SMA. LINK continued to push higher from this level and pushed above the 50-bar SMA on the 29th, moving to its current level of $16.

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

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 013122

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has made a fairly strong recovery over the past couple of sessions as it looks to reverse the recent bearish trend. If buyers can manage to maintain the current sentiment, we could see LINK push above $16.