Chainlink (Link) Price Analysis: LINK Trades above $12, Risks Further Decline

Key Highlights
LINK risks further decline to $8
The recent uptrend is likely to be terminated

Chainlink (LINK) Current Statistics
The current price: $12.03
Market Capitalization: $4,211,585,133
Trading Volume: $1,866,112,988
Major supply zones: $18.00, $20.00,$22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis September 4, 2020
LINK is trading at $12 at the time of writing. The coin has been fluctuating between $14 and $17 before the recent breakdown on September 3. The coin is trading between $12 and $17. The current uptrend will continue if buyers push price above the $16 high.

The momentum will extend to break or retest the $20 resistance. On the downside, if the bears break the $12 support, the coin will fall to an $8 low. This will portend negatively for the coin. Besides, the uptrend is likely to be terminated. The coin will be forming lower highs and lower lows. In the meantime, the coin is trading at $12.

Chainlink Technical Indicators Reading
LINK has fallen to the bearish trend zone as price breaks below the EMAs. There is a likelihood of a further downward movement of prices. The crypto is in a bearish momentum as LINK is below the 50% range of the daily stochastic.

Conclusion
From every indication, the crypto is likely to further decline. On the August 21 downtrend, the coin fell to $12.84 low but the retraced candle body tested the 61.8% Fibonacci retracement level. This implies that Chainlink is likely to fall again to the low of $8 or 1.618 Fibonacci extension level. Meanwhile, the coin is fluctuating above $8.

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