Chainlink Analyst Predicts Bull Rally If Resistance Breaks at $25
An analyst suggests that Chainlink might see a bullish breakout if it surpasses the resistance in its current technical analysis channel.
Key Points
- Chainlink is trading within a Triangle pattern, characterized by two converging trendlines.
- The upper line of this Triangle acts as resistance, while the lower line serves as support.
- The specific type of Triangle Chainlink follows is between an Ascending and Symmetrical Triangle.
- Earlier this year, Chainlink retested the upper level but was rejected, leading to a downward trend.
- The narrowing range suggests a potential breakout is approaching.
- If Chainlink breaks above the $25 resistance line, it may trigger a bull rally.
- The target price could reach the 1.272 Fibonacci Extension level around $100.
Current Price
As of now, Chainlink is priced around $18, experiencing a decline of over 2% in the past week.
