The Chainlink price has been crashing since the beginning of this week. This crash as seen this Altcoin dump more than 30% in just a few days.
However, Chainlink as just recently found support at the 0.001282 price region and is currently holding it.
In this article, I will be analyzing the Chainlink price and giving you my honest opinion on if I think this support region is a good region to buy or if it would be better to wait.
I will also be pointing out an important bullish pattern that is currently forming on the Chainlink charts and what it means for this current dump.
Is Chainlink Ready To Moon Or Will It Crash?
Chainlink is currently holding the 0.001282 support region but as showing little to no sign that it is ready to bounce and start going higher.
Instead what we are seeing is the Chainlink price still being indecisive and trading sideways on very low volume.
I believe this price indecisiveness might continue in the coming days until more volume enters into the Chainlink market and the Altcoin decides to make move either to the upside or downside.
My Entry Criteria
I don’t believe the Chainlink Altcoin is ready for a buy yet. However, for me to become bullish biased on this Altcoin, Chainlink must hold and bounce off the 0.001282 support region with an increasingly bullish volume.
However, if price breaks through that support then I expect to see more weakness come into the Chainlink market and a dump to the next support region at 0.001075
Watch Out For This Bullish Pattern Forming On Chainlink
Chainlink is currently forming a falling wedge pattern. This pattern is very bullish and is a great indicator for predicting with high accuracy where the price might go next.
If this pattern gets respected by the Altcoin then the downside potential for Chainlink is very limited, and we can expect to see Chainlink trade sideways within this pattern for the next few weeks before we finally see a breakout.
But it is very important to keep in mind that while this pattern is a bullish indicator, there is still a potential for it to sometimes fail and crash to the downside.
This makes it very important for you to wait for a price confirmation (a price breakout of the falling wedge pattern) before opening a position on the Altcoin.
This way you can avoid buying too early or entering the wrong time on the Chainlink cryptocurrency.
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