ChainLink Price Analysis: Should Investors Wait or the LINK will break the Symmetrical Imaging

ChainLink price prediction suggests the consolidation phase of Link inside the symmetrical triangle pattern over the daily price chart.
Link crypto is trading below 20, 50, 100 and 200-days Daily Moving Average.
The pair of Link/BTC is at 0.0003847 BTC with an intraday drop of 0.39%.

The symmetrical triangular pattern over the daily price chart indicates that the token will be contained within it, according to the ChainLink price prediction. For the Link cryptocurrency to move above the daily price chart, it must get out of its current situation. Before the Link army can launch an attack, the token must first exit the consolidation state and break free of the symmetric triangular pattern in its recovery phase. The price of ChainLink saw an exhilarating roller coaster during the course of the daily price chart, initially failing to break out of the symmetrical triangular formation and being trapped in the consolidation stage. After recovering, the token was able to go past the consolidation phase, but it was soon lured back into the falling triangle pattern.

ChainLink’s estimated current price is $6.87, and in the previous day, it gained 1.85% of its market value.The volume of trades during the intraday trading session has increased by 29.05%. This suggests that people who are selling Link cryptocurrency are attempting to withdraw the token.

Through a symmetrical triangular pattern, the price of ChainLink has been declining over the course of the daily price chart. A thrilling roller coaster journey can be seen on the Link cryptocurrency’s daily chart. For Link to exit the symmetrical triangle pattern, the volume change, which is currently below average and needs to be increased, must be increased. Link cryptocurrency is currently trading at the 20 EMA, but below the 20, 50, 100, and 200-day Daily Moving Average.

How can technical indicators make predictions regarding Link?

The price of ChainLink has to break out of the symmetrical triangle shape, and more buyers need to enter the market during intraday trading for the token to start its recovery phase. The token’s decline during the course of the daily price chart is supported by technical indicators.

The Link cryptocurrency’s downward velocity is depicted by the Relative Strength Index. The RSI is below neutrality at 47.50. The decreasing velocity of the SHIB is shown in MACD. Investors in Link need to be alert for any observable momentum disparities in the token’s price movement

Conclusion

The symmetrical triangular pattern over the daily price chart indicates that the token will be contained within it, according to the ChainLink price prediction. For the Link cryptocurrency to move above the daily price chart, it must get out of its current situation. Before the Link army can launch an attack, the token must first exit the consolidation state and break free of the symmetric triangular pattern in its recovery phase. To exit the symmetrical triangle pattern,LINK must raise the volume change, which is now below average and has to be increased. The token’s decline during the course of the daily price chart is supported by technical indicators.

Technical Levels

Support Levels: $6.67 and $5.72

Resistance Levels: $7.31 and $7.78

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing