Chainlink Rebounds and Struggles to Sustain Above $13 and $13.40 Resistance
Nov 16, 2020 at 12:42 //
NewsYesterday, Chainlink (LINK) rebounded at the $11.83 low as it reached a high of $12.30 at the time of writing. Buyers are attempting to push the coin to its peak price of $13.40.
For buyers to succeed to achieve their initial target, the coin must be above the $13 support. At that price level, the crypto will resume the upside momentum. Presently, the LINK is rising at the time of writing.
Nonetheless, if there is a strong bounce above the current support, LINK will rally above the $13 minor resistance. The coin will be out of the bearish trend zone. Besides, buyers can push LINK above the overhead resistance at $13.40. However, if buyers fail to push the coin above the $13 resistance, the crypto will resume a sideways move below the resistance. In the previous price action, on November 7, LINK was compelled to a sideways move between $12.40 and $13.0 as bulls failed to break the $13 resistance.
Chainlink indicator reading
Presently, LINK price is above the SMAs which suggests a possible rise of the coin. A break above the $13 resistance will accelerate price movement on the upside. The stochastic is below the 80% range of the daily stochastic. This indicates that the coin has bearish momentum. However, the price action is showing bullish signals as the coin finds support above the 21-day SMA.
Key Resistance Zones: $7, $8, $9
Key Support Zones: $4, $3, $2
What is the next move for Chainlink?
Since November 8, buyers have continued to retest the $13 minor resistance. A breakout at the resistance will mean the attainment of the Fibonacci tool analysis. On November 7 uptrend; the retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.0 Fibonacci extensions. That is the high of $17.30.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow