Chainlink (LINK) Price Analysis: LINK Rallies to $16 High but Fails to Sustain Recent Bullish Gains


Key Highlights
The coin rallies to $16 high
LINK crashes to $11.40

Chainlink (LINK) Current Statistics
The current price: $12.44
Market Capitalization: $4,897,406,689
Trading Volume: $1,714,986,757
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis November 27, 2020
Since on November 16, the bulls broke the $13 resistance and rallied to a$16 high. The uptrend was short-lived as the bulls face selling pressure at the recent high. On November 24, the candlesticks showed long wicks above the recent high. The long wicks indicate that there is strong selling pressure at a higher price level. Consequently, LINK dropped to $11.40 on November 26. The crypto is now consolidating above $11.90 at the time of writing.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK has fallen to level 45 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

LINK/USD – 4 Hour Chart

In the recent breakdown, the coin fell and resumed consolidation above $11.90. According to the Fibonacci tool, the coin will further decline. On November 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will reach a high of level 1.272 Fibonacci extension level. That is the coin will fall and reverse at level $9.96.

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

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.