Chainlink At A Turning Point: Triangle Pattern Holds, But One Line Must Break

Chainlink is at a critical juncture as its price compresses within a triangle pattern, indicating a potential major move. The key factor is a trendline break that will determine if LINK will rise or fall further.

B-Wave Extension and Triangle Pattern

Analyst More Crypto Online notes the importance of the B-wave correction, suggesting it might be forming a complex triangle pattern.
No evidence of a definitive low yet; a 1-2 setup to the upside is needed for confirming a reversal.
The triangle pattern suggests continued sideways consolidation, affecting both bulls and bears.
Invalidation point: If LINK falls below $10.20, the current triangle structure would be invalidated.

Critical Support Levels

Key support levels are $10.70, $8.94, and $6.90.
A break below $6.90 could indicate a larger corrective Wave 4 scenario.
The focus is on the Fibonacci support zone between $6.90 and $10.70.
A break above the yellow trendline is necessary for signaling a structural low and potential reversal.

Chainlink

Currently, caution is advised as the trendline remains firm resistance, maintaining the local downtrend.