Market Analysis

CHAINLINK PRICE ANALYSIS & PREDICTION (November 21) – Link Faces Minor Resistance After A Solid Rebound, Can It Breakthrough?

Chainlink recently lost steam last week after reaching its highest price level in twenty months. However, it found support this week and bounced back strong to where it is facing minor resistance. Can it break higher?

Following last month’s surge from a tight range, Link sustained momentum until it reached a monthly high of $16.6 last week. It pulled back from that high and found a solid ground level at $13 this week.

The asset regained strength and increased to where it is facing a minor resistance level at $15. A successful push through this resistance could bring a full recovery back to the price before printing a new yearly high.

On the other hand, a strong rejection at this minor resistance could trigger another pullback with a lower low and lower high formation. If such a scenario occurs, we can expect more drops towards $10 in the next few days.

Whichever way the price goes, it is essential to note that Link still appeared strong on the higher time frame. Currently, the price is up by 7% despite losing traction in the past week. In contrast to the new trend, it is still trading in a bearish zone from a long-term perspective.

Link’s Key Levels To Watch

Source: TradingView

While facing a minor resistance, the immediate level to keep in mind for an increase is $16.6 – tested as a monthly high. A surge above it should allow more buying towards $18.3 and $19.5 – marked as April and February 2022 resistance levels.

In case of a rejection, the price may look for a nearby support at $14. If this support fails to provide a rebound, Link may roll back to $13. A drop from there could drive the price to $12 and beyond.

Key Resistance Levels: $16.6, $18.3, $19.5

Key Support Levels: $14, $13, $12

  • Spot Price: $14.8
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.