Chainlink Technical Analysis: Sellers Look Push LINK Below $18 As Slump Continues 

Daily Chainlink LINK Price Analysis

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Last Updated December 7th 2021
3 Min Read
  • The Chainlink price slipped below $20, as an overwhelmingly bearish sentiment pushed the price down significantly over the weekend. 
  • The current session sees LINK down to $18, with the price down by over 7%. 

The Chainlink price continued to remain in bearish territory, with the price slipping to $18 during the ongoing session. LINK had dropped by almost 5% on Friday, settling at $23.34. LINK continued to drop over the weekend, falling by over 11% on Saturday and almost 6% on Sunday to end the weekend at $19.51. The current session sees LINK down by over 8%, with the price slipping below $18. 

Chainlink Price Chart Indicates LINK Could Drop To $17 

The Chainlink price started the previous weekend on a fairly positive note, pushing up by 0.42% on Saturday, and then by almost 3% on Sunday to end the weekend at $24.78. LINK continued to push up on Monday, rising to $25.01, and the pushing further on Tuesday, rising to $25.33, after an increase of 1.29%. However, with the 200-day SMA coming into play as resistance at this level, LINK could register only a marginal increase on Wednesday before dropping on Thursday.

Image: LINK/USD daily

LINK/USD daily chart 120721

After registering a marginal increase on Wednesday, the Chainlink price fell back on Thursday, dropping by over 3% and falling to $24.56. The price continued to drop on Friday, falling by almost 5% and settling at $23.34. The weekend saw LINK drop even further, as sellers pushed the price down by over 11% to $20.68. Sunday saw more of the same, with LINK slipping below $20 and settling at $19.51. The current session sees LINK down to $17.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop further.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $20.04. At this price level, over 3700 addresses have sold more than 6 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 120721

Looking at the 4-hour Chainlink price chart, we can see that LINK had pushed up significantly on the 29th, rising above the 20-bar SMA and settling at $24.78. With the 20-bar SMA now acting as support, LINK could stay at this level for the next few sessions before pushing above the 50-bar SMA and rising to $26.12. LINK pushed up marginally to $26.50 from this level but fell back, slipping below the 20 and 50-bar SMAs and settling at $24.56. With the 50-bar SMA now acting as resistance, LINK could not push past this level and fell drastically, dropping to $19.09 on the 4th. LINK rose to $20.69 but fell back to its current level of $17.

We can see that the MACD is currently bearish, indicating that we could see the price drop during the ongoing session.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 120721

Chainlink Price Is Expected To Reach These Levels

The Chainlink price chart shows us that LINK has been extremely bearish over the weekend. If the current sentiment continues, we could see LINK drop to $16, where the price has support.