Chainlink (Link) Price Analysis: LINK Shows Signs of Decline as It Faces Rejection at $13 High

Chainlink (Link) Price Analysis: LINK Shows Signs of Decline as It Faces Rejection at $13 High

Key Highlights
LINK resumes a downward move
The crypto is likely to reach a low of $9. 63

Chainlink (LINK) Current Statistics
The current price: $11.14
Market Capitalization: $4,351,047,564
Trading Volume: $1,670,028,120
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis October 31, 2020
LINK price is making a series of lower highs and lower lows. The crypto is in a downtrend as price makes a downward move. Today, the price is retracing after rejection from the recent high. Presently, the market is falling as price breaks below the SMAs. A break below the SMAs will increase the chances of a downward move. Conversely, if the 21-day and 50-day SMAs support hold, the XRP will resume an upward move. In the meantime, the market is falling.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK price has since broken the resistance of the descending channel. The coin is below the 80% range of the daily stochastic. It indicates that the market is in bearish momentum.

LINK/USD – 4 Hour Chart

Conclusion
From the price action, LINK is likely to make a further downward move. On October 26, a retraced candle body tested a 50% Fibonacci retracement level. It indicates that LINK will decline and reach a low of 2.0 Fibonacci extension level. In other words, the market will reach a level of $9.63 low.



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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.