ChainlinkChainlink (LINK) Price Analysis: LINK Rebounds Above $7.50 but Struggles at $9.50 Resistance

ChainlinkChainlink (LINK) Price Analysis: LINK Rebounds Above $7.50 but Struggles at $9.50 Resistance

Key Highlights
LINK faces rejection at $9.50 resistance
The crypto may rise and reach a high of $14.11

Chainlink (LINK) Current Statistics
The current price: $9.52
Market Capitalization: $3,330,369,672
Trading Volume: $1,484,847,104
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis October 9, 2020
LINK has been making a consistent downward move since August 15. The coin has been making a series of lower highs and lower lows. After making lower lows to the support at $8.50, the coin rebounded. The recent rebound took the coin to the high of $9.50. LINK is expected to make a further upward move. The coin will resume upside momentum if buyers push the price above $14 high. However, the coin risks another downward move if it fails to break the current resistance at $9.50.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
LINK price is trading below the SMAs. This suggests that the coin may fall. A break above the SMAs will mean an upward movement of the coin. The crypto is also below the 50% range of the daily stochastic. It means that the coin is in a bearish momentum.

LINK/USD – Daily Chart

Conclusion
LINK is likely to make an upward move once the current resistance is broken. On September 25 uptrend; the coin was resisted at $11. The retraced red candle body tested the 61.8% Fibonacci retracement level. It indicates that LINK will rise and reach level 1.618 Fibonacci extension or the high of $14.11.


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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.