Chainlink (LINK) Price Analysis: LINK Is in a Downward Correction, a Breakdown to $11 Low Is Likely
Login

Chainlink (LINK) Price Analysis: LINK Is in a Downward Correction, a Breakdown to $11 Low Is Likely

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Key Highlights
LINK faces rejection after reaching the high of $16
The coin is falling and may revisit the previous low at $11

Chainlink (LINK) Current Statistics
The current price: $12.77
Market Capitalization: $5,060,807,660 
Trading Volume: $1,240,464,420
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis December 4, 2020
LINK is falling and trading at $13 at the time of writing. In its recent rallies, the coin has suffered two rejections. On November 24, LINK attains its peak price of $16.

The bulls could not break above the overhead resistance. There was a bearish reaction as the crypto plunged to $11.30 low. The bulls buy the dips as the coin corrected upward to $14.50. At the recent high the coin was rejected again as it resumed the downward move. The coin is likely to reach a low of $11.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK is falling and the price is pointing to the support line of the ascending channel. A break below the support line will mean a further downward movement of the coin. Incidentally, a break below the SMAs will also mean a further decline of the coin. LINK has fallen to level 35 of the Relative Strength Index period 14. The crypto is approaching the oversold region and below the centerline 50.

LINK/USD -4 Hour Chart

Conclusion
LINK is falling because of the recent rejection; the crypto is likely to further depreciate. According to the Fibonacci tool, the coin will further decline. On December 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.0 Fibonacci extension level. That is the coin will decline to $11.13 low.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News