Chainlink (LINK) Price Analysis: LINK Consolidates Above $10, Sellers Threaten to Short

Chainlink (LINK) Price Analysis: LINK Consolidates Above $10, Sellers Threaten to Short

Key Highlights
LINK now fluctuates between levels $10 and $13
The altcoin will further decline to $8.41 if the current support breaks
 
Chainlink (LINK) Current Statistics
The current price: $11.88
Market Capitalization: $11,840,338,231
Trading Volume: $1,336,398,547
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis January 1, 2021
Since November 24, Chainlink’s price is making a series of lower lows and lower highs. Presently, in December, the market is fluctuating between levels of $10 and $13. The coin will further depreciate if the $10 support is breached. Conversely, LINK will also resume an upward move if buyers push above level $13 high. The crypto will be range-bound if these levels remain unbroken. The coin is trading marginally at level $11.81 at the time of writing.

LINK/USD – 4 Hour Chart

Chainlink Technical Indicators Reading
Chainlink is at level 46 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone. The coin is capable of a further downward move.

LINK/USD – 4 Hour Chart

Conclusion
LINK is confined in a range. The Fibonacci tool indicated a downward movement of the coin. On December 29, a retraced candle body tested the 50% Fibonacci retracements level. The retracement indicates that LINK is likely to fall to level 2.0 Fibonacci extensions. That is the low of level $8.41.


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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.