Chainlink recently broke $25 after an interesting few days, rising double-digits in a single day to stage a test of $27. The price was initially rejected at this level, which would suggest that the momentum does not have as much support as expected. This puts the altcoin in a precarious position as the next move could determine what trend takes form from here.

Chainlink Price At A Crossroads

In a TradingView post, crypto analyst CryptoPilot highlighted where the Chainlink price currently is and the difficulties it is facing. It continues to trade below the $27.3 resistance, and with the latest rejection, is now moving toward the lower boundary of the ascending channel.

In this case, the altcoin risks a price collapse toward the $15-$17 level before its overextended move. It also aligns with the previous price performances when the price has been rejected in similar patterns, leading to a further downward move.

There is also the possibility that the price will continue to rally, and that is only if there is a sustained move above the $27.3 resistance. Breaking this level with strong volume could trigger a rise toward the top of the channel. This channel top lies at the $45-$52 level, suggesting that the price could double if the bulls take control.

The major levels to watch now involve the resistance at $27.3, then with support lying low at $18-$19 before the channel support at $15-$17. Next is the resistan

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Author: Scott Matherson