This Technical Formation Could Put an End to Chainlink’s Multi-Year Uptrend

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It’s no secret that Chainlink has been one of the most bullish digital assets throughout 2019 and 2020 The cryptocurrency recently extended its parabolic momentum when it rallied up to highs of $8.80 Although it is possible that a combination of hype and investor “FOMO” could help drive LINK higher, there are some reasons why analysts are growing cautious One trader pointed to the emergence of a large rising wedge pattern as one factor that could cause it to decline Another analyst recently explained that from a technical standpoint multiple factors are signaling it overextended itself during the latest rally The confluence of all these factors suggests a pullback is imminent Chainlink’s impressive macro uptrend over the past couple of years is showing few signs of slowing, as it was just recently able to incur some explosive momentum that sent it rallying past its previous highs. The cryptocurrency is now…

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