- The Chainlink price continued its bearish run, with the price slipping below the 50-day SMA.
- LINK has been highly bearish during the current week and had dropped by almost 9% on Tuesday.
The Chainlink price continued to drop during the current session as sellers took control and drove the price to $28. LINK has been extremely bearish during the current week, with the price spending most of its time in the red. The price had dropped to $32.05 on Monday, as LINK slipped below the 20-day SMA. The bearish sentiment continued on Tuesday, with the price falling by 8.97%, settling just above the 50-day SMA. LINK did make a marginal recovery on Wednesday but slipped below the 50-day SMA during the current session.
Chainlink Price Chart Indicates LINK Could Drop To $26
The Chainlink price chart pushed up significantly on Monday (8th) as it started the previous week on a bullish note. However, the price fell back in the red on Tuesday, dropping to $33.82 before recovering on Wednesday and rising to $34.22. Thursday saw LINK continue to push up, as the price moved up to $34.70, before dropping by 1.22% on Friday and settling at $34.28. On Saturday, the price remained in the red as LINK dropped by 0.79% and fell to $34.01.
Image: LINK/USD daily
The Chainlink price continued to drop on Sunday, as it fell to $33.75, ending the weekend on a bearish note. However, the bearish sentiment persisted on Monday, as LINK fell below the 20-day SMA after registering a drop of over 5%. The price remained in the red on Tuesday as well, dropping by almost 9% and settling at $29.17, just above the 50-day SMA. LINK pushed up marginally on Wednesday but dropped back into the red on Thursday, slipping below the 50-day SMA, with the price currently down by over 2%.
We can see that the MACD has flipped to bearish, indicating that we could see the price drop further during the current session.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $28.12. At this price level, over 20,000 addresses have bought more than 67 million LINK.
The 4-hour Chainlink price chart shows us that after rising to $36.44 on the 11th, LINK fell to $33.44, slipping below the 20-bar SMA. With the 50-bar SMA acting as support at this level, LINK pushed up to $34.28, but with the 20-bar SMA acting as resistance, the price fell to $33.05. Slipping below the 50-bar SMA. LINK could not push past this level with both the SMAs acting as resistance and dropped to $29.95, slipping below the 200-bar SMA. The price then fell further as sellers pushed it down to its current level of $28.
We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.
Image: LINK/USD 4-hour
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has fallen back into the red during the current session after registering a marginal increase on Wednesday. LINK does have support at $28.10, so we could see the price drop to that level and post a recovery.