Chainlink Price Prediction: LINK technical pattern nearing breaking point, colossal 25% move looms

  • Chainlink price is contained inside a symmetrical triangle pattern on the 4-hour chart.
  • LINK is on the verge of a massive 25% move that might favor the bears.
  • A key indicator has presented a sell signal on the daily chart, giving the upper hand to the sellers.

Chainlink has been trading sideways for the past two days after establishing a new all-time high at $35.69. Now, LINK has formed a symmetrical triangle pattern which is on the verge of bursting.

Chainlink price can quickly fall towards $25

On the 4-hour chart, the symmetrical triangle formed by Chainlink is on the verge of a breakout or breakdown. The current price at $32.4 is closer to the support trendline formed at $32. Losing this critical point can lead to a significant 25% drop towards $25. 

link price

LINK/USD 4-hour chart

The bears have the upper hand as the TD Sequential indicator has just presented a sell signal on the daily chart. In the past, this call has proven to be extremely accurate leading to 30-40% corrections within a week after it the signals were presented. 

link price

LINK/USD daily chart

Nonetheless, on the 4-hour chart, LINK bulls have defended the lower boundary several times in a row and aim for a rebound towards the upper trendline at $34. A breakout above this level can drive Chainlink price to a new all-time high at $42.

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