Chainlink (LINK) Triangle Setup Points To $100, Says Analyst

A cryptocurrency analyst has explained how a Chainlink triangle breakout setup could point to a massive $100 target for the asset’s ￰0￱ Is Coiling Inside A Triangle Right Now In a new post on X, analyst Ali Martinez has talked about a triangle pattern forming in the weekly price of ￰1￱ refer to consolidation channels from technical analysis (TA) that involve an asset trading between two converging ￰2￱ any other consolidation channel, the upper trendline acts a source of resistance, while the lower one that of ￰3￱ other words, tops can be likely to occur on retests of the former and bottoms at the ￰4￱ Reading: Dogecoin Down 18%, But Whale Withdraws 122 Million DOGE From Binance There are a few different types of triangles, with some of the popular ones being the ascending, descending, and symmetrical ￰5￱ orientation of the trendlines decides which type a particular triangle falls ￰6￱ and descending triangles have one trendline parallel to the time-axis: upper line in the former and lower one in the ￰7￱ triangles lie between the two, having both lines at a roughly equal and opposite ￰8￱ has potentially been trading inside a triangle over the last few years, but as the below chart shared by Martinez shows, this particular triangle doesn’t cleanly fit into any of these ￰9￱ the graph, it’s visible that Chainlink’s triangle lies is angled upward, but not fully, so it lies somewhere between a symmetrical triangle and an ascending ￰10￱ made a retest of the upper line of the pattern earlier in the year and ended up finding ￰11￱ cryptocurrency is now on the way down, but the analyst thinks an extended drawdown may not actually be so bad.

“A dip to $16 on Chainlink $LINK would be a gift,” says ￰12￱ price is where the 0.5 Fibonacci level ￰13￱ Extension/Retracement levels are lines drawn using ratios derived from the famous Fibonacci ￰14￱ analyst has taken LINK’s top and bottom from the last few years as the 1 and 0 levels, respectively, and has drawn retracement levels between ￰15￱ $16 mark happens to be where one such key retracement level ￰16￱ has highlighted in the chart what path the asset could end up following if it bounces off this ￰17￱ would appear that in the analyst’s view, a rebound from the line could end up leading to a breakout from the triangle and set a potential target at the 1.272 extension level, drawn up from the 1 level (top).

In Chainlink price terms, this level corresponds to almost $100. Related Reading: Bitcoin HODLers Booked $120 Million In Profits During Price Crash: Data It now remains to be seen whether LINK will break out of the triangle in the near future, and whether a setup similar to the analyst’s would play ￰18￱ Price At the time of writing, Chainlink is floating around $20.25, down over 17% in the last seven ￰19￱ image from Dall-E, charts from ￰20￱