LINK: Descending Triangle
ChainLink (LINK) technical analysis:
Trade setup: Price broke back below $7 and 200-day moving average and appears to be trading in a Descending Triangle. Price is nearing a pinnacle of the Triangle, hence, a breakout is imminent. Recent rally was driven by launch of staking service. (set a price alert).
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $5.50. The nearest Resistance Zone is $7.00, then $8.00.
Trade setup: Price broke back below $7 and 200-day moving average and appears to be trading in a Descending Triangle. Price is nearing a pinnacle of the Triangle, hence, a breakout is imminent. Recent rally was driven by launch of staking service. (set a price alert).
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend. Most traders will take a position once the price action breaks through the bottom line of the triangle with increased volume, which is when the price should decline an amount equivalent to the widest section of the triangle.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $5.50. The nearest Resistance Zone is $7.00, then $8.00.
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