Chainlink (LINK) Price Analysis: LINK Is in a Downward Correction, Battles Resistance at $14

Chainlink (LINK) Price Analysis: LINK Is in a Downward Correction, Battles Resistance at $14

Key Highlights
LINK faces rejection at level $14
The altcoin is likely to rally above $16

Chainlink (LINK) Current Statistics
The current price: 13.43
Market Capitalization: $5,338,394,438
Trading Volume: $1,323,123,041
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis December 18, 2020
Following its rejection at the $16 overhead resistance, buyers have been making frantic efforts to push the coin the previous highs. However, the upward move has been restricted below the $14 high. Since November 30, buyers have been unable to push LINK above the $14 high. On the upside, the overhead resistance would be retested if buyers overcome the $14 resistance. Meanwhile, LINK is trading at $13.51 at the time of writing.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
The price has broken above the SMAs which suggests a further upward movement of the coin. The coin is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone. The coin has room to travel on the upside.

LINK/USD – 4 Hour Chart

Conclusion
LINK is likely to rise on the upside. The Fibonacci tool indicated an upward movement of the coin. On December 1, a retraced candle body tested the 50% Fibonacci retracements level. The retracement indicates that LINK is likely to rise to level 2.0 Fibonacci extensions.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.