Chainlink (LINK) Price Analysis: LINK Breaches Resistance at $13.50, Targets the $17.20 High

Chainlink (LINK) Price Analysis: LINK Breaches Resistance at $13.50, Targets the $17.20 High

Key Highlights
Today, LINK price breaks the resistance at $13.50
LINK has a target price of $17

Chainlink (LINK) Current Statistics
The current price: $14.04
Market Capitalization: $5,579,129,189
Trading Volume: $1,783,634,788
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis November 20, 2020
Since November 7, LINK has been facing resistance at the $13.50 high. Today, the bulls have broken above the $13.50 resistance level. There was a bearish reaction after the breakout. The price rallied to a $14 high but pulled back to retest the $13.00 support. The coin rebounded again above the $13 support and broke through the resistance levels.

The crypto has risen and it is approaching the high of $14.41. On the upside, if the bullish momentum is sustained, the coin will rise and reach a high of $19. On the downside, if the bulls fail to sustain the upside momentum, the coin will fall to the range-bound zone of $12 to $13.50.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK has risen to level 67 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

LINK/USD – 4 Hour Chart

Conclusion
The crypto is expected to rise as the resistance at $13.50 has been broken. Meanwhile, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will reach a high of level 2.0 Fibonacci extension level. That is a high of $17.20.


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

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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.