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.
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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/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/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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
