- Chainlink price has broken a years-old symmetrical triangle on the weekly chart.
- Bullish breakout momentum at $21 is established by the presence of above key 0.618 Fib support in $LINK.
- The next Fibonacci extension goal of Chainlink is at $102.67, and this may be a possible rebound to $100.
Chainlink Price is currently demonstrating clear signs of a significant breakout, as the price action has moved past a multi-year symmetrical triangle, which has been in place since 2021. With the bullish momentum and major Fibonacci levels, LINK seems to be on its way to a strong upward trend. Since the breakout above the critical resistance is confirmed, the market structure indicates that there is a possibility of a rapid rise to at least $100, making Chainlink one of the best candidates of a meaningful bull run.
Chainlink Price Breaks Out of Multi-Year Pattern — Is $100 the Next Target?
Chainlink price, according to technical analyst Ali Charts, might be about to experience a major breakout that will rocket its price up to the $100 level. Ali in a recent analysis published on TradingView draws attention to a large symmetrical triangle structure that has been developing in the weekly chart since the beginning of 2021. This trend, which is associated with significant price consolidations followed by explosions, seems to be approaching its high point, and LINK is already beginning to exhibit the signs of a bullish breakout.
LINK is currently trading at $23.57 with a significant weekly upside versus the upper trendline of the triangle at +4.99. This breakout is found at the 0.618 Fibonacci level (~$21.04) – a key area of convergence and is currently a support. According to Ali, the higher the holding above this zone the more likely you are to have a major rally.
His chart shows a multi-legged upward trend: First, he will hit a target of $33.50 (0.786 Fib), then of 51, and possibly of 100, and all these are around the 1.272 Fibonacci extension point (102.67). The last target is approximately at 144.91 or 1.414 Fib extension, although, the immediate target is the psychological 100.
Although there is potential of a short-term retest of the breakout zone at $2122, the chart formation is bullish. According to the analysis of Ali, Chainlink may be preparing a macro uptrend, with solid technical underpinnings.
Read Also:
