Here’s why Chainlink Coin is yet to witness the correction phase
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Brian Bollinger The Chainlink coin’s price shows the formation a symmetrical triangle. The symmetrical triangular pattern is neutral as it can either be a continuation or reversal pattern depending on the price trend or breakout. The Chainlink price currently trades at $6.9 and continues to wobble within the triangle pattern. Here’s how this pattern may influence the LINK coin’s future price.advertisementKey Points: The LINK price action has narrowed enough within the triangle pattern to be considered a no-trading
The coin price will be released from ongoing consolidation if either side breaks the trendline pattern.
The intraday trading volume for the LINK coin is $1.7 billion, which represents a 207% increase.
Source: TradingviewThe Chainlink price has experienced steady growth since 2023. The coin price rose to $7.5 during this recovery. This represents 34.4% growth since January 1, 2023. However, the price action became symmetrical and formed a triangle-shaped pattern. This is a continuation pattern where prices move within two converging trendlines that form a triangle shape. These trendlines are usually drawn by connecting peaks or troughs. Converging trendlines signal a possible rise in price movement. Trending StoriesToday’s Chainlink coin fails to break the lower support trendline. Trending StoriesThe Chainlink coin fails to break the lower support trendline. The price action is close to the top of the triangle, which indicates that the breakout is imminent. The market is still bearish and the LINK price may break the lower trendline. A daily candle closing below this support trendline will increase selling pressure and initiate a new correction phase. The potential downfall may tumble the prices 8.85% down to reach the $6.3 mark.On a contrary note, a breakout above the overhead trendline will resume the prior recovery.Technical IndicatorEMAs: a potential bullish crossover between the 50-and-100-day EMA may increase the buying pressure in the market.RSI: The daily RSI slope near the midline indicates a neutral sentiment from market participants.advertisementChain Link Coin Price Intraday LevelsSpot rate: $6.9
Resistance levels: $7.5 and $8.1
Support levels: $6.6 and $6.05
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