Chainlink is forming a symmetrical triangle pattern, hinting at a potential breakout soon.
Immediate resistance is around $16.00, with strong support at $12.00, indicating key levels to watch.
Current indicators suggest weak bullish momentum, with RSI at 46.51 and a potential MACD bullish crossover.
Chainlink (LINK) is poised for a substantial price surge, according to crypto analyst @AMCryptoAlex on X. The analyst predicts LINK will hit $100+ in this cycle, citing factors like the Real-World Asset (RWA) narrative, major partnerships, and LINK staking as key drivers.
$LINK will hit $100+ this cycle– RWA narrative– Major partnerships – LINK staking Don't sleep on it pic.twitter.com/EtXw9rA0Wg
— AMCrypto (@AMCryptoAlex) July 28, 2024
Technical Analysis Overview
Recent technical analysis charts of Chainlink against Tether (USDT) on Binance reveal several critical insights. The weekly time frame chart shows Chainlink’s price has experienced notable fluctuations over the past few years.
Key support and resistance levels are marked by horizontal yellow lines on the chart. Notable levels include around $3.50, established in early 2020, and the $7.00 to $8.00 range, which acted as both support and resistance from 2022 to 2023.
Source: AMCrypto on X
The chart highlights several important patterns. An ascending triangle formed in 2020 led to a breakout and a subsequent price rise. More recently, a rectangular consolidation pattern is visible around 2022-2023 between $7.00 and $10.00. Currently, a symmetrical triangle pattern is forming, indicating a potential breakout direction. The price is nearing the apex of this triangle, suggesting an impending breakout.
The current price action near the apex of the symmetrical triangle hints at a breakout. An upward arrow on the chart indicates a potential bullish breakout. While volume data isn’t visible, the patterns suggest periods of consolidation and breakout, typically accompanied by changes in volume and momentum.
Chainlink Currently
A second technical analysis chart, also on a weekly time frame, includes candlestick patterns, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicators.
Chainlink’s current price is $13.65, with a weekly increase of 2.63%. Recent weekly candles show indecision with small-bodied candles, indicating potential consolidation or a pause in the current trend.
Source: TradingView
The RSI is currently at 46.51, slightly above the oversold level (30) but below the midpoint (50), indicating weak bullish momentum. The RSI trendline is flat, suggesting a lack of strong buying or selling pressure.
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