- The Chainlink price registered only a marginal drop during the ongoing session, currently down by just over 1%.
- LINK has been extremely bearish over the past week and had registered a drop of nearly 14% on Friday.
The Chainlink price managed to stay above the $15 level during the ongoing session, as LINK managed to arrest its sustained drop. LINK had fallen by nearly 14% on Friday, dropping to $17.44. The weekend started on a bearish note for LINK, as the price dropped by over 9% on Saturday, falling to $15.86. Despite the bearish sentiment, LINK was able to register a recovery on Sunday, rising by 5% and ending the weekend on a positive note. However, Monday saw LINK back in the red, as it dropped by 6.41% to $15.59.
Chainlink Price Analysis Indicates LINK Could Push Above $15
The Chainlink price started the previous weekend in the red, dropping by 2.65% on Saturday before rising by 1.24% on Sunday and ending the weekend at $25.51. Monday saw LINK back in the red, as the price dropped by nearly 7%, slipping below the 200 and 20-day SMAs, falling to $23.81. On Tuesday, LINK remained in the red, dropping by 3.53% to $22.97, and then slipped below the 50-day SMA on Wednesday, when LINK dropped over 6% to $21.54. Thursday saw LINK continue to drop, falling over 6% and settling at $20.21.
Image: LINK/USD daily
The Chainlink price registered a significant drop on Friday, falling nearly 14% and settling at $17.44. The weekend started with LINK still bearish, as the price dropped by over 9% on Saturday, dropping to $15.86. Despite the bearish sentiment, LINK was able to recover on Sunday, rising by 5% and ending the weekend at $16.65. LINK was back in the red on Monday, dropping by 6.41%, settling at $15.59, and then dropping to $15.15 during the ongoing session.
We can see that the MACD is currently bearish, indicating that the price could drop further. However, If LINK can manage a recovery from this level, we could expect it to flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $15.01. At this price level, over 8500 addresses have bought more than 6 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped to $21.49 on the 19th. However, LINK made a strong recovery from this level and rose to $22.69. With the 20-bar SMA acting as resistance at this level, LINK fell back drastically, dropping to $19.16 on the 21st and then to $15.41 on the 22nd. LINK was able to make a gradual recovery from this level, rising to $16.65. Before dropping back to $13.97 on the 24th. The price recovered and rose to $15.59 before dropping to its current level of $15.19.
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
Looking at the Chainlink price chart, we can see that LINK has recovered from an intraday low of $14.60 and pushed up to $15. If buyers are able to recover the price from this level, we could see LINK push above $15.