Chainlink (LINK) is currently trading in a consolidation phase, as noted by CryptoJobs3 in a tweet. The token is hovering between two critical price levels—$9.00 and $12.50—and may experience a move once one of these levels is broken.
CryptoJobs3’s analysis suggests that LINK is forming a descending triangle, a pattern that traders are closely monitoring for a potential breakout.
Neutral Price Action Holds Between Support and Resistance
CryptoJobs3’s analysis emphasizes that LINK’s price remains neutral, stuck in a range between $9.00 and $12.50. This price action is characterized by lower highs and strong support at $9.00, creating a descending triangle on both daily and weekly charts.
$LINK / USDT – Update: Key resistance zone: 12.50 – 12.60 $ The current price remain very neutral and stuck between the 9.00 $ – 12.50$ zone I think a big move will be triggered when one of these levels is broken!Monitor the triangle pattern 3rd chart. Possible… pic.twitter.com/AdCooxoVV2
— Crypto_Jobs TA & FA (@CryptoJobs3) September 17, 2024
This setup typically signals a continuation of the bearish trend, but the potential for an upward breakout exists if LINK can breach the $12.50 resistance.
Support at $9.00 is considered a critical level, and a descent below this level could indicate further decline. In contrast, a bullish reversal could be suggested by a breakout above $12.50.
Key Resistance at $12.50
The resistance level around $12.50-$12.60 has been difficult for LINK to surpass consistently. CryptoJobs3 highlights this zone as critical for the token’s price movement.
Repeated attempts to break this level have failed, keeping LINK confined to a narrow range. Should LINK manage to break above this resistance, it could open the door to higher prices, fueling a rally.
On the other hand, the failure to break through could prolong the consolidation phase, leaving LINK vulnerable to downward pressure.
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Descending Triangle Pattern Across Multiple Timeframes
Both the daily and weekly charts reveal the same descending triangle formation, reinforcing the neutral outlook. A break of either the $9.00 support or $12.50 resistance would likely trigger a major move in the token’s price.
CryptoJobs3’s analysis points to this triangle as the key indicator of what’s to come for LINK. Zooming in on the 4-hour chart, CryptoJobs3 notes a possible bullish setup within the triangle pattern.
A breakout above the descending trendline near $12.50 could catalyze a strong price rally. However, the market remains cautious as LINK continues to consolidate.
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The post Chainlink Consolidates Below Key Resistance: LINK Price Rally Incoming? appeared first on CaptainAltcoin.
