Chainlink (LINK) Price Analysis: LINK Is Unable to Push Above $17 Resistance, Consolidates Above $14 Support

Azeez Mustapha
9 January 2021 | Updated: 9 January 2021

Key Highlights
LINK has a target price of $22 if the current resistance is breached
The crypto recovered after a breakdown to $14.05 low
 
Chainlink (LINK) Current Statistics
The current price: $15.62
Market Capitalization: $15,614,066,289
Trading Volume: $2,520,246,649
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis January 9, 2021
Today, LINK is falling after rejection from the $17 resistance zone. The coin has fallen to $15 at the time of writing. Since November the crypto has been fluctuating between $10 and $14. On January 1, the coin rebounded above $11 support to resume upside momentum. The price has broken the resistance at $14 and rallied to $17 high. Presently, the coin has retraced to the support above $14. LINK is fluctuating above the $14 support. If the bulls break the $17 resistance, the coin will reach the target price of $22.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
Chainlink is at level 61 of the Relative Strength Index period 14. The coin is in the uptrend zone and capable of a further upward . The downtrend will resume if price breaks below the bullish trend line.

LINK/USD -4 Hour Chart

Conclusion
LINK has resumed upside momentum but presently faces resistance at $17. The Fibonacci tool indicated an upward movement of the coin. On January 6 uptrend, 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. That is the high of level $21.67.


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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.