Chainlink Price Analysis: LINK/USD Remains on Decline After a Sharp Move

Chainlink Price Analysis – November 26

The Chainlink price is facing sellers’ action as the coin aims next support level.

LINK/USD Market

Key Levels:

Resistance levels: $15, $16, $17

Support levels: $10.5, $9.5, $8.5

LINKUSD – 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.