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The Chain Link price has been selling off massively for a while now, this bearish trend only intensified after Chainlink broke through the rising channel it has been trading in.
Right now, the bulls are fighting back trying to regain control of the market and push the Altcoin price back up. However, the base of the rising channel which formerly acted as support is now acting as resistance.
In this chainlink analysis, we will be talking about this level and how to take advantage of the price movement around this level in the coming days.
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Will Chainlink Push Through Or Crash Back Down?
The key levels to watch for are the $35 resistance and the $24 support region. This key support creates a channel that the Chainlink price is currently trading in.
As far as the price continues to trade within this channel, we want to stay out of the market and wait for the Chainlink price to make a move.
Bullish Price Prediction
For the bullish price prediction, we want to see the Chainlink price break and close above the $35 support. This confirms the end of the sideways move in Chainlink and the resumption of the bullish trend.
This bullish breakout would also push the Chainlink price back into the rising channel we have been trading for a while now and could signify that the Altcoin price might surge back up to the $50 region soon!
Bearish Price Prediction
For the bearish price scenario for the Chainlink price, we want to see the price crash below the $35 support. The price level has served as a key support on numerous occasions and might continue to do so.
However, a break below confirms our bearish bias on the Altcoin and points to a deeper sell-off in the Chainlink price in the coming days.
Chainlink is still in a ranging market and yet undecided, waiting for either the $35 resistance or the $24 support break before entering a buy or sell trade increases the potential for you to make money from the resulting move that might occur.
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