Chainlink (LINK) Price Analysis: LINK Rebounds but Faces another Round of Selling Pressure

Chainlink (LINK) Price Analysis: LINK Rebounds but Faces another Round of Selling Pressure

Key Highlights
LINK faces rejection at the $11 resistance
The crypto targets the high of $12.18

Chainlink (LINK) Current Statistics
The current price: $9.34
Market Capitalization: $3,270,066,508
Trading Volume: $1,394,609,318
Major supply zones: $18.00, $20.00,$22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis October 2, 2020
LINK rebounded as it reached a low of $7.50. However, the rebound reached a high of $11.00 but was rejected. The price has retraced to a low of $9.66 at the time of writing. Nevertheless, if buyers push prices above $14 high, the downward correction will be ended. The coin will resume upside momentum. Today, the coin has fallen to the $9.66 low and buyers are attempting to resume upward.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK is at level 42 of the Relative Strength Index period 14. It indicates that price is in the downtrend zone and below the centerline 50. The price is below the EMAs which suggests that price will fall.

LINK/USD – 4 Hour Chart

Conclusion
LINK has chances of a further upward move once it breaks the $11 resistance. On the September 25 uptrend, the coin reached a high of $11 but was resisted. The retraced candle body tested the 78.6 % Fibonacci retracement level. It indicates that the market will reach the 1.272 Fibonacci extension level or the high of $12.18.


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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.