Chainlink has been on one crazy journey starting July. My portfolio was merely at $7000 and it blew all the way up to $35,000 at one point when Chainlink hit $20 per coin. I was up 500% from my initial investment. It was insane. I had family members and friends telling me to stop being so greedy and lock in profits. At this rate, I thought Chainlink was going to soar to $25 at least, and if it did thats when I would want to sell my positions and claim my profit.
Just $5 more is all I asked for.
Well, I thought after hitting $20, Chainlink wouldn’t lose its momentum and just keep on soaring. But I’ve read a couple of articles and browsed a couple of threads saying that position holders of Chainlink were still holding onto their positions. Some had even stated that they wanted to sell at a price target of $50 or $100 per coin. Holy crap, they must be dreaming but I can see it later on in the future. With a crazy momentum like this happening for 1.5 months, it was bound to see a correction following up. And I’m kind of glad that the correction happened now and not later.
So throughout the week, the world of crypto was down for a while, but we started to see a small selloff for Chainlink. Prices kept correcting down from $17 all the way down to $12.8 at one point. Slowly after $12.8, Chainlink started to float back up around the $14-15 area, making that its new support area. I believe if it broke the $12 support level, Chainlink would have dumped even further. I’m glad it didn’t break the $12 support level. If it did, I don’t know how I’ll be able to react honestly. I’d probably be on my phone 24/7 checking Coinbase like a madman and start thinking if I want to exit. Throughout that week, I lost $10,000 worth of potential profit.
For my small account, losing $10,000 was no joke. It kind of hurt me a bit looking at this chart. Here’s what I’m getting now. At what point would I want to sell Chainlink at? Honestly, I would’ve sold back at $20 a coin, but I got way too greedy and decided to hold on. Heck, even my friends sold some of their positions at $20 just to secure some profits at least. I didn’t. My dad warned me and advised that I should do so. I didn’t. So now it brings up the question. Am I being too greedy? Yes and no essentially. Regardless, I am still up 225% from my initial investment, which is still a good thing since I’m not in the negatives at least. The only problem is that I have to officially set a price target at which I want to sell my coin at. Now, I’m thinking about holding onto my position for the time being and sell at $20-22 again. I’m not going to look back and have all these “what-if” scenarios once I sell at my price target of $20-22. However, if prices start to dip below $12 and it hit $10, I might exit then. I definitely can’t exit my positions without taking some profits with me. I can’t be just breaking even with Chainlink.