Chainlink (Link) Price Analysis: Link Consolidates Between Levels $14 and $16, Uptrend Likely

Chainlink (Link) Price Analysis: Link Consolidates Between Levels $14 and $16, Uptrend Likely

 Key Highlights

LINK is fluctuating between $14 and $17

The coin will have a target price of $27.50 if the $20 resistance is breached


Chainlink (LINK) Current Statistics
The current price: $14.64
Market Capitalization: $5,130,697,076
Trading Volume: $1,253,845,489
Major supply zones: $18.00, $20.00,$22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis August 28, 2020
After a recent breakdown, LINK has been consolidating between $14 and $17. For the past week, the coin has been confined in that range. Neither the bears nor the bulls have broken the relevant key levels of the market. Today, LINK is trading at $14.60 at the time of writing. On the upside, if price continues its fluctuation and breaks the $16 resistance, the momentum will propel the price to retest the $20 resistance. LINK will resume uptrend if the bulls are successful.

Perhaps, the market will reach a high of $28. On the other hand, where buyers fail to push LINK above $16 resistance, the crypto will be repelled. Sellers will attempt to sink the crypto by breaking the $14 support. Meanwhile, the coin is trading above $14 support at the time of writing.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading

There is a tendency of the coin rising as the price bars are above the EMAs. The crypto is at level 53 of the Relative Strength Index period 14. The coin is at the midpoint but above the centerline 50. LINK is likely to rise.

LINK/USD – 4 Hour Chart

Conclusion
The crypto is fluctuating between levels of $14 and $17. On August 15 uptrend; LINK was resisted at $20 high. The last retraced candle body tested the 61.8 % Fibonacci retracement level. The implication is that the crypto is likely to rise and reach 1.618 Fibonacci extension level of $27.50 high.


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