Chainlink’s Price Poised for Major Move Beyond $13-$26 Range

An analyst highlights a potential major move for Chainlink as it trades within a Triangle pattern in its 1-week price chart. This consolidation channel involves converging trendlines, with the upper acting as resistance and the lower as support. Breakouts from either boundary could indicate a trend continuation.

Triangle types include Ascending, Descending, and Symmetrical based on trendline orientation.
The current Chainlink pattern is between Symmetrical and Ascending, with uneven trendlines.
Resistance and support levels are noted at $26 and $13, respectively.
A breakout is anticipated to occur as the range narrows towards the Triangle's apex.

Currently, LINK trades around $15, experiencing a nearly 4% decrease over the past 24 hours.

Chainlink Triangle

It remains uncertain when Chainlink will exit this consolidation phase and whether a significant price movement will ensue.