- LINK’s symmetrical triangle hints at a bullish breakout, with the potential to rally 23% and hit its $30.94 target.
- Support at $23 and resistance near $26 are key; breaking above $26 could confirm LINK’s upward trend continuation.
- Stable volume and RSI at 61.61 signal strong bullish momentum, positioning LINK for significant growth beyond $30.94.
LINK/USDT’s recent price action highlights bullish momentum. The cryptocurrency broke out of a descending triangle, signaling a shift from bearish patterns to a bullish recovery. Currently trading at $25.32, LINK is consolidating within a symmetrical triangle, pointing to potential upward movement.
Symmetrical Triangle Signals Bullish Continuation
The symmetrical triangle marks a consolidation phase after the breakout. The upper boundary acts as resistance near $26, while the lower boundary provides support at $23. Volume remains subdued, which is typical during market contractions. However, increased volume often accompanies breakout scenarios, confirming directional moves.
A breakout above $26 could push LINK to $30.94, aligning with its projected target. This potential 23% rally excites traders anticipating further gains. However, a breakdown below $23 would invalidate the bullish case, potentially signaling a trend reversal.
Key Levels to Monitor
Besides $23 and $26, broader price trends reveal critical support and resistance zones. LINK recently transitioned from a consolidation phase, fluctuating between $6.50 and $14.82, to a bullish breakout. This move, which saw a 206% rally, highlights LINK’s potential to achieve higher highs.
Currently, the 10-week moving average at $22.81 offers immediate support, with the 30-week average at $19.42 providing long-term stability. On the upside, $30.69 and $38.10 are key resistance levels traders must watch.
Moreover, the Relative Strength Index (RSI) sits at 61.61, reflecting solid bullish momentum. The Mansfield Relative Strength (MRS) index indicates LINK outperforming the broader market consistently.
A Market Primed for Growth
The consolidation phase near $25 reflects reduced volatility as traders prepare for the next major move. Additionally, volume stability suggests measured participation and growing buyer interest. The cup-like pattern forming in the price structure points to a continuation of the uptrend.
Consequently, LINK’s position above critical moving averages reinforces the bullish structure. Traders remain optimistic about the cryptocurrency reaching $30.94 and beyond. However, market participants should exercise caution and monitor critical support levels to confirm the trend.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
