Chainlink price was trading within a range-bound level for quite a long period and later sliced through the consolidation to hit the immediate resistance levels around $17. The asset comfortably hovered within these areas for a couple of hours. Further, the selling volume began to accumulate and currently the bears appear to have capitulated the LINK price.
Following a downtrend, the LINK price may yet again enter the same parallel channel, indicating a fakeout. And in such a case, if the Chainkink price slides down within the channel and records a bearish monthly close, then it would be pretty difficult for the DeFi token to regain the lost momentum. And in such cases, it may continue to hover within range-bound levels, consolidating within narrow ranges.
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- Chanilink price may yet again plunge down into the channel and hit the middle bands to seek for a strong support
- Once the asset hits the middle band, a huge possibilitiesof a rebound surface the waters that may uplift the price close to $20
- However, despite a rebound, yet the price may not spike instantly as the volume like always may hinder the rally
- Therefore, only after sustaining above $20 could certify a substantial uptrend that could boosts the price to range high to hit levels close to ATH
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Source: https://coinpedia.org/altcoin/chainlinklink-price-is-attempting-a-huge-move-will-it-succeed-in-regaining-levels-above-20/