Chainlink been outperforming Ethereum and Bitcoin in recent days.
From a technical perspective, LINK's recovery rally since May has been confined inside an ascending triangle range.Ascending Triangles are continuation patterns, meaning they typically send the price in the direction of its previous trend after a consolidation period. LINK was trending downward before it formed its ascending triangle.
The token's likelihood of continuing its downtrend and reaching its profit target stands at 44%, per the by veteran investor Thomas Bulkowski. The profit target is measured after adding the maximum triangle height to its breakdown point, as illustrated below.That puts LINK en route to around $4.15 by December 2022, down about 50% from today's price.LINK to reach $12 in the same period, given the token has been floating above the same support that was instrumental in sending its price to a record high in May 2021."While people are quiet on it now.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana erases its ‘Google rally’ gains but a 50% SOL price recovery is still in playSolana bulls show signs of rejecting the ongoing correction trend, raising anticipations that SOL would recover in the coming months.
Read more »
USDCHF Price Analysis: Bears poke 50-day EMA, five-week-old support line below 0.9900USDCHF Price Analysis: Bears poke 50-day EMA, five-week-old support line below 0.9900 – by anilpanchal7 USDCHF Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »
AUDJPY Price Analysis: Breaks above the 50/100-DMA eyeing 96.00 on risk-on moodThe AUDJPY advances for two consecutive days as Wall Street finishes the Monday session with solid gains, reflecting an improvement in market sentimen
Read more »
Chainlink Hits $9.20 First Time in 3 Months, Here's What Propelled SurgeLINK has briefly soared above $9; here are a few likely reasons why it happened
Read more »
Thompson-Robinson’s 4 TDs lead No. 10 UCLA past ASU 50-36Dorian Thompson-Robinson hurdled a defender on a 33-yard touchdown run, one of his two rushing scores, and also passed for two TDs as No. 10 UCLA held off Arizona State 50-36 on Saturday night.
Read more »