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.

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.

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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