Chainlink (Link) Price Analysis: Drops To $15 Low and Begins Consolidation, Downtrend Likely

Chainlink (Link) Price Analysis: Drops To $15 Low and Begins Consolidation, Downtrend Likely

Key Highlights
LINK may find support above $15 high
The coin will rise and reach another high of $21

Chainlink (LINK) Current Statistics
The current price: $15.55
Market Capitalization: $5,441,297,209
Trading Volume: $1,626,841,844
Major supply zones: $18.00, $20.00,$22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis August 21, 2020
LINK price is making a series of higher highs and higher lows. The coin has risen to a high of $20. Nonetheless, buyers could not sustain the upward move because LINK has reached the overbought region of the market. Sellers have emerged to push prices down.

Today, the market has fallen to a low of $15 and a further downward move is likely. LINK will resume an upward move if the current support holds. A retest of the previous high is possible. Meanwhile, the coin is fluctuating between $15 and $17 after testing the current support. LINK will sink to $13 low if the current support is broken.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK was earlier in the overbought region of the market. The coin has fallen to level 60 of the Relative Strength Index period 14 . It indicates that the crypto is in the uptrend zone and above the centerline 50.

LINK/USD – 4 Hour Chart

Conclusion
LINK is currently consolidating above $15 support. The coin will rise as it is in the uptrend zone. In the August 15 uptrend, the coin was resisted at the $20 resistance. A red candle body tested the 78.6% Fibonacci retracement level. It indicates that the coin will rise and reach level 1.272 Fibonacci extension($21) level. Later it will reverse to 78.6% extension ($19) where it originated.


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