Chainlink (LINK) Price Analysis: LINK Rallies Stall at $24 Resistance, up Trending Likely

Chainlink (LINK) Price Analysis: LINK Rallies Stall at $24 Resistance, up Trending Likely

Key Highlights
Crypto’s price has reached the high of $23.68
The coin has been compelled to a sideways move

Chainlink (LINK) Current Statistics
The current price: $21.53
Market Capitalization: $21,347,234,938
Trading Volume: $4,181,742,578
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis January 23, 2021
Chainlink has been making a series of higher highs and higher lows. On January 17, the altcoin attains the high of $23.68 but was repelled. Nonetheless, the bulls have not been able to break the $24 resistance zone. Presently the coin is in a sideways move below the resistance zone. Each time, the resistance zone is tested; the market would fall either to $18 or $20 low. LINK will attain a high of $26 if the current resistance is breached. Otherwise, the sideways move will linger on.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
Chainlink is at level 60 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. The coin has room to rally on the upside. The uptrend will continue as long as the trend line remains unbroken.

LINK/USD – Daily CHart

Conclusion
Chainlink is making positive moves but faces rejection at the recent high. LINK will attain a new high if the current resistance is breached. On January 17 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 $33.02.


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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.