Over the past few weeks now, we have seen the volatility in the Bitcoin cryptocurrency slowly dry up as the Bitcoin price continues to consolidate and trade sideways in a tightening range.
This has led to a lot of inflow of new capital and traders into the Altcoins market which has been and is still performing spectacularly well all through this period.
Some of the Altcoins have even managed to achieve double-digit gains in just a small amount of time. And the most important thing about this development is “the Altcoin bullish run is still far from over”.
This makes it the best time for you to be investing a small part of your crypto portfolio into this market right now. And Chainlink is the best way for you to go.
But Why Chainlink?
Since its lunch in 2017, Chainlink has been gaining a lot of growth, hype, and adoption in the crypto industry, and of the reasons for that is because of its numerous application to enterprises and traditional businesses.
With Chainlink, businesses can now easily introduce the blockchain features in every aspect of their finances, transactions, and business activities in general.
Current Growth Of Chainlink
The Altcoin as proven to be one of the strongest movers in the cryptocurrency markets in recent years.
It proved this point again recently when the Altcoins price surge started. Chainlink broke above its previous all-time high of $5 and surged nearly 100% toward $8.50.
This massive price surge also saw Chainlink rise from the bottom of the altcoins rankings to surpass a lot of cryptocurrencies like EOS and Crypto.com (CRO) and claim a spot among the top ten altcoins in the cryptocurrency market and on the CoinMarketCap list.
I believe this growth will only continue. However, this is not the best time to be buying this altcoin as the chart shows, that the current rally is overextended and might be temporarily over. If this true, then we might see sellers start stepping in soon.
The Most Important Levels To Watch
- The $5 Horizontal Support Region
The first important level that jumps at me the moment I look at this chat is the $5 resistance that as now turned support.
This level is so important because it as served as a supper strong resistance for a while now. If the price were to crash back down, I expect to see that support region hold and push the Chainlink price back up.
- The TrendLine Support
The second important support I will be watching for price to fall to before resuming its uptrend is the trend line support. This support as held price up on two occasions back when this impulse move started, and I believe it will do so again once the price starts falling again.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.