Chainlink Price Analysis – November 17
Chainlink clears the local resistance at $12.8 as the coin follows the upward trend.
LINK/USD Market
Key Levels:
Resistance levels: $14.0, $14.5, $15.0
Support levels: $12.0, $11.5, $11.0
LINK/USD is comfortably trading above the moving averages. The coin has been clearly outperforming the market for the majority of its existence. Since the beginning of this month, the Chainlink price has seen large gains from a low of $9.7on November 4 to the current high at $13.4 today.
What to Expect from Chainlink (LINK)
On the upside, the technical indicator RSI (14) could make a cross above the 60-level. However, It is not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators like the RSI and the moving averages.
On the downside, a move below the 9-day MA may increase the short-term selling pressure while the next supports may come at a psychological $12.0, $11.5, and $11.0. Meanwhile, any further bullish movements may reach the next resistance at $14.0, $14.5, and $15.0 levels
LINK/BTC Market: Keeps Trading at the Downside
Against Bitcoin, the market price remains below the 9-day and 21-day moving averages, currently trading at 7447 SAT and expecting a break out below the lower boundary of the channel. Looking at the chart, if the coin makes a cross above the moving averages, the bulls may begin a bullish movement.
However, if the market drops more, the next key supports may likely be at 6500 SAT and below. On the bullish side, a possible rise could push the market to the resistance level of 8500 SAT and above. According to the daily RSI (14), the market may continue the downtrend as the signal line moves to cross below the 40-level, which could give more bearish signals.
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