Chainlink Price Analysis – November 26
The Chainlink price is facing sellers’ action as the coin aims next support level.
Resistance levels: $15, $16, $17
Support levels: $10.5, $9.5, $8.5LINKUSD – Daily Chart
At the time of writing, Chainlink is heavily down with 11.67% at its current price of $12.55. This marks a notable decline from recent highs of $16.42 that was set a couple of days ago. According to the technical indicator RSI (14), the coin may continue to follow the downward trend as the signal line moves below the 50-level.
What to Expect from Chainlink (LINK)
If the $11 support level doesn’t hold strong, a break below it could spark a capitulatory plunge that may cause the crypto to see another serious loss. However, this potential decline could be similar to that seen in the last two days when LINK/USD dove to lows of $11.28 before rebounding again. More so, the support levels to watch are located at $10.5, $9.5, and $8.5 respectively.
However, LINK/USD is now trading between support and resistance at $11 and $16 as the market price remains below the 9-day and21-day moving averages. More so, according to the breakdown from a bullish pattern, it would be more likely for the price to retrace all the way to the $11 support area outlined in the previous section before reaching the potential resistance levels at $15, $16, and $17 respectively.
LINK/BTC Market: Keeps Maintaining the Downtrends
When compares with Bitcoin, the Chainlink price remains within the descending channel as the coin is seen trading below the 9-day and 21-day moving averages at 7388 SAT. Looking at the daily chart, if the bulls can regroup and push the coin above moving averages, they may end up controlling the market.LINKBTC – Daily Chart
In other words, if the market keeps dropping, the next key supports may likely be at 6000 SAT and below. On the other hand, a possible rise could push the market towards the resistance level of 8500 SAT and above. The RSI (14) moves to cross below the 40-level, suggesting more bearish signals.