I’ve been writing about Chainlink for the past couple months now. Been going over and experiencing this hell of a ride it’s been going through. Literally insane. I remember my portfolio was at $5,000 and then the next couple it weeks it went to $15,000 and then $35,000. Truly wild. When it hit the $20 mark, Chainlink started to slowly correct itself throughout the month. It never broke past $19 again. I remember telling myself that if I were to exist Chainlink, it would be when it broke its $13 support level.
And yep, based on this title of my blog, it broke the support level.
Keep in mind, I exited my positions from Chainlink on the very same day that we had a crash in the stock market. I thought to myself, hm maybe cryptocurrency wouldn’t be too affected by the crash. Boy I was wrong. Around 3PM PST, I started to notice that the crypto market was slowly dropping. I’m talking about almost every cryptocurrency. Bitcoin almost hit below $10,000. And trust me, I think if Bitcoin broke below $10,000, every cryptocurrency would go sideways. If you were away from your phone, you would be notified by Coinbase that these major coins have just gone sideways,
Yeah this was hard to look at. I kept monitoring chainlink every minute while at work. My eyes were glued to my screen. I had to make sure and think about if I wanted to continue holding on or exit all of my positions. I remember it hit $12.8, which was my exact target price that I would have exited at. After that, it just went downhill. I was able to sell all of my positions at $12.54. I thought it was a very smart move. It went downhill so much to the point I remember it hitting the $10 range.
At the end of the day, I still made money from my positions. Granted, I should’ve divest some of my positions so I could lock in those gains, but who would’ve known this would happen. I’m going to start learning how to divest my positions in the future. I can’t let my emotions get to me, especially letting FOMO kick in. If we were to see another pullback later on in the future, I would enter back in again. Target price I would enter in would be around the $8-9 range.
Also, before selling your positions on Coinbase, transfer your positions to Coinbase Pro and sell your positions there. Coinbase takes a 1.49% fee, while Coinbase Pro takes only 0.25%. I basically lost $330 in fees by selling on Coinbase.