Chainlink (LINK) Surges 8% Today, But Drops Over 35% Over Two Weeks

Today, the price of Chainlink is $25.89 with a 24-hour trading volume of $1,117,044,440. Since September 16, the Chainlink price has been dropping steadily. It started to consolidate after reaching a swing low on September 22. Symmetric Triangle is a technical formation formed by the connecting trend lines. It forecasts a 16% breakout and has a target of around $28.38 or $18.26. The chainlink price started its consolidation after it started to descend on September 7.

Since the symmetrical triangle does not have a directional bias, investors might expect a break lower for altcoins as the bearish trend is already in place. If Chainlink’s price manages to close above the $24.90 mark, it will confirm a bullish breakout and trigger a move to the next resistance level at $28.39. If the chainlink price breaks below $22.15, it will invalidate the bullish thesis. In some cases, the buyers might target the zone between $18.26 and $22.15.