The ChainLink price played out exactly as we predicted, surging more than 49% in a matter of days and smashing the $47 price target we set in our previous analysis ChainLink Finds Support On Ascending Channel. Next Target $47!
And right now, ChainLink is getting ready for another massive move. If you missed that previous ChainLink trade, you don’t want to miss this next one!
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Is ChainLink Too Expensive?
The ChainLink price as been bouncing within this ascending channel for a while now. And everytime the price gets to the top of the channel, we see strong rejections and a price sell-off back down!
ChainLink is already trading at that channel resistance again and the big question now is should we expect a sell-off soon?
If history repeats itself, we can expect to see the Altcoin price crash to the base of the ascending channel. But right now, the bulls are still in full control of the price and there are no signs of weakness YET.
It is important to remember that cryptocurrencies are very volatile and while it is important to see massive moves to the upside, it is also very possible to see massive dumps too!
With that being said, the best line of action at this current price level for ChainLink is to take some profits off the table and wait for more confirmation if the price wants to keep on going up or going down!
Key Levels To Watch
The most important level to watch right now is the top of that channel. If ChainLink continues to trade above this channel, we can expect to see the Altcoin price continue pushing higher in the coming days, confirming the channel breakout.
However, if the price sells back down into that channel, we can expect to see history repeat itself and for a push back down to the base of the channel in the coming days.
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