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.

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.

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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