Why LINK Will Pump Back To $13 Quickly (Or Fall Below $9.5)
LINK is probably one of the most undervalued tokens at this time. Especially in its Bitcoin pair, Chainlink still trades almost at its cycle low. However, this post is not about the long-term potential of LINK. On the contrary, it is about short-term price movements โ and at this point, it looks quite promising. Here's why ๐
LINK currently trades at ~10 USD. More importantly, the price is slightly above a major consolidation channel in which LINK has traded for 17 months (!!!). On the other hand, the channel between has been a consolidation area for a couple of months, too.
However, LINK has never traded in the area between these two channels (9.5-13 USD) for a long time. Historically, this has been a speedway either up from 9.5 to 13 USD or vice versa.
Accordingly, it is highly unlikely that we will see LINK trading at this level for a long time. Based on the upcoming bullish momentum, I would expect a quick move back to the 13-levelโor at least consider this scenario highly likely.
However, in case of a momentum switch (e.g., escalation in the Middle East), LINK has to stay above 9.5 to avoid entering the bearish consolidation zone!
