Chainlink (LINK) Price Analysis:LINK Is in a Downward Correction, Battles the Resistance at $12

Chainlink (LINK) Price Analysis:LINK Is in a Downward Correction, Battles the Resistance at $12

Key Highlights
LINK struggles below $12 resistance
The coin targets levels $14 and $16

Chainlink (LINK) Current Statistics
The current price: $11.72
Market Capitalization: $4,583,787,703
Trading Volume: $1,407,912,483
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis November 6, 2020
LINK has been in a downward correction since September 13 when the bears broke the $12 support. Since September, buyers have been unable to push the price above the $12 resistance zones.

Each time the resistance is retested the coin will fall and find support above $9 or $10. Today, LINK is trading at $11.58 at the time of writing. On the upside, if the bulls break $12 resistance and the bullish momentum is sustained the market will rise and reach the highs of $14 and $16 price levels. On the downside, the downward correction will linger on if the current resistance remained unbroken.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK is at level 58 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 sideways indicating the sideways movement of the coin.

LINK/USD – 4 Hour Chart

Conclusion
LINK is attempting to break the current resistance to resume an upward move. On November 4 uptrend the retraced candle body tested the 61.6 % Fibonacci retracement level. This retracement indicates that the market will reach a high of level 1.618 Fibonacci extension level. That is a high of $11.25. The price action has exceeded this price level.


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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.