The ChainLink price has been trading upwards within an ascending channel for a while now. These channels have formed dynamic support and resistance levels the Altcoin price has been respecting.
And right now, we are seeing the price bounce off this support again. If the price were to play out exactly as it did in the past, we can expect a price surge to the $47 price region in the coming days.
Key Levels To Watch For On ChainLink
The $29 price level is a horizontal support e are keeping an eye on. We can see the ChainLink price has always encountered some kind of resistance or support whenever the price gets to that $29 region.
This makes this region very key for this current bullish run on ChainLink. A break below the $29 resistance could signify weakness in the Altcoin and a likely price sell-off in the coming days.
However, if the price can manage to keep on trading above this critical support, we can expect ChainLink to continue heading higher within this channel in the coming days.
Our target for this move is the top resistance of the ascending channel pattern. We can see the price has respected this resistance twice in the past and might do so again soon.
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We also created a short Youtube video on some of the biggest cryptocurrencies in the market. In the video, we break down exactly what we are currently watching on the chart as well as how to take advantage of them.
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