ChainLink (LINK) Cryptocurrency Entered Price Discovery Says Analyst, Big Upsurge Next?

ChainLink (LINK), a top 12 cryptocurrency by market cap, has entered price discovery. It recently surpassed its previous record high achieved in June 2019 at $3.8.

Price discovery in trading refers to when an asset surges past its recent high, targeting a new all-time high.

Where is the limit for ChainLink cryptocurrency?

Traders rely on support and resistance levels to evaluate the price trend of an asset. When there are no support and resistance levels as a cryptocurrency’s price enters a new range that has not been tested before, both upside and downside movements can be exaggerated.

For instance, when the bitcoin price surpassed the $10,000 level in 2017, it took merely three weeks for the price to double to $20,000.

But, because no support levels existed above $10,000 as it entered price discovery, the correction was intense and it plummeted by more than 70 percent within a span of two months.

In that regard, while price…