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Key Highlights
LINK rebounds and resume uptrend
LINK likely to reach a new high of $13.65
Chainlink (LINK) Current Statistics
The current price: $11.80
Market Capitalization: $4,583,936,899
Trading Volume: $1,566,129,137
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00
Chainlink (LINK) Price Analysis October 23, 2020
LINK rebounded twice above $10 to break the resistance line of the descending channel. The rebound breaks above the SMAs. This is a positive move by the coin. On the upside, if the bullish momentum is sustained and buyers push the coin above $13, LINK will out of the downward correction. With the recent rebound, the coin is facing resistance at $12.50 high. The coin is in a sideways move below the resistance. LINK is trading at $11.84 at the time of writing.
Chainlink Technical Indicators Reading
LINK is likely to rise as the price is above the SMAs. The coin is above the 70% range of the daily stochastic. It indicates that the market is in bullish momentum. If the current price is sustained above the resistance line, LINK will be out of the bearish trend zone.
Conclusion
The altcoin has resumed uptrend but it is currently facing resistance at $12.50. On October 22 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This suggests that the coin will rise and reverse at level 1.272 Fibonacci extensions or the high of $13.16.
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 result
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