Chainlink (LINK) Price Analysis: LINK Slumps and Resumes Downtrend After Rejection at $11.81

Key Highlights
LINK faces another rejection at $11.81 as it resumes downtrend
LINK may slump to level $9.33

Chainlink (LINK) Current Statistics
The current price: $10.50
Market Capitalization: $3,673,518,965
Trading Volume: $1,213,763,942
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis October 16, 2020
LINK downtrend was partially interrupted on October 7, when the coin rebounded to reach the high of $11.81. However, the bulls fail to sustain the upward move. LINK would have been out of the downward correction if buyers have pushed the coin above the $14 high. The coin has resumed a downward move after rejection from the high of $11.81. The market will further decline if the price breaks below the SMAs. Today, the crypto is trading at $10.38 at the time of writing.

Chainlink Technical Indicators Reading
LINK price breaks the 21-day SMA but faces rejection at the 50-day SMA. There is a likelihood of price falling. The coin has fallen to level 49 of the Relative Strength Index period 14. This implies that there is a balance between supply and demand.

Conclusion
LINK is falling after rejection from $11.81. There will be a further decline if the $10.20 support cracks. On October 13 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. It implies that the selling pressure will continue to level 2.0 Fibonacci extension or the low of $9.33.

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