Chainlink Breaks Ascending Triangle, Analyst Predicts LINK to Reach $13

According to crypto trader Ali, Chainlink looks poised for additional gains in the near term after breaking out of an ascending triangle pattern on its hourly chart. Technical analysis by research firm altFINS suggests this bullish formation points to a 14% move higher for Chainlink’s LINK token toward the key $13 resistance level.

altFINS highlights the clear uptrend Chainlink has been in across all timeframes, a trend it has ridden higher as a recent top altcoin pick with a 60% return since August. As a leading decentralized oracle network, Chainlink stands to benefit from the long-term adoption of real-world asset tokenization.

The breakback above Chainlink’s 200-day moving average around $6.70 was a bullish catalyst, helping drive the rally past altFINS’ initial $9.50 target. However, the sharp surge has left Chainlink extremely overbought, with its RSI exceeding 80. This raises the likelihood of consolidation and profit-taking in the near term.

Source: altFINS – Start using it today

altFINS suggests any pullbacks could find buyers around $9.50, the 50% Fibonacci retracement level of the latest push higher. This lines up with previous resistance-turned-support. Below that, the 38.2% and 23.6% Fib levels at $10 and $10.75 appear likely support zones if the overbought cooldown deepens.

But while momentum oscillators are flashing warning signs of being overextended, the underlying uptrend remains firmly intact across all timeframes.

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As such, altFINS believes Chainlink’s technical profile remains constructive overall, with any consolidation setting the stage for a rebound towards the next target of $13. Traders may look to build positions on pullbacks given the bullish backdrop.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency