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.

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.

Conclusion
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.


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