Chainlink (LINK) Price Analysis: LINK Sustains Recent Rallies, Battles the $13.50 Overhead Resistance

Chainlink (LINK) Price Analysis: LINK Sustains Recent Rallies, Battles the $13.50 Overhead Resistance

Key Highlights
LINK battles resistance at $13.50
The coin has a targets price of $17

Chainlink (LINK) Current Statistics
The current price: $12.77
Market Capitalization: $5,000,418,623
Trading Volume: $1,274,018,688
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis November 13, 2020
On November 7, LINK traded and reached its peak price at $13.46 high. Buyers have not able to sustain the upward move. At the initial resistance, the coin fell to the low at $11.50. The price is corrected upward as buyers retested the overhead resistance twice.

The coin is fluctuating between $12 and $13.50 as the crypto resumes sideways move. The coin is trading at $12.70 at the time of writing. The upside momentum will resume if the price level is sustained above $12 high. A breakout at the overhead resistance will push the price to $17 or $19 high. The downtrend will resume if the bears break below the $12 support level. There is a likelihood of the coin falling to an $8 low.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
The price bars are above the 21-day SMA and 50-day SMA which indicates a possible upward move of the coin. The coin is at level 58 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50.

LINK/USD – 4 Hour Chart

Conclusion
Buyers have made positive moves in November. The coin will achieve price acceleration once the resistance at $13.50 is breached. On November 7 uptrend; the coin was resisted at $13.50. The retraced candle body tested the 50% Fibonacci retracement level. This indicates that LINK will rise and reach level 2.0 Fibonacci extension or the high of $17.30.



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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.