The crypto industry experiences a consolidated weekend as the market moves sideways. The top coin continues struggling to gain bullish momentum as the bulls and bears continue their fight to gain power.
Chainlink price experiences the same price action as the coin has been trading in a consolidated range since the start of the month. The LINK price has recently formed a symmetric triangle and is on the verge of breaking it, of which the result is uncertain.
The LINK token has been constantly trading upwards with the support of the trendline. The coin has made multiple attempts to break down the trendline, but the bulls managed to hold the price above the level, indicating a possibility of a trend reversal in the market.
Following the LINK price surge, the coin has constantly traded in a consolidated range between $7.322 and $7.576. The Chainlink price recently attempted to break out of the resistance level at $7.962 but got rejected, indicating high price volatility and lost momentum, resulting in a price dip.
Also Read: Chainlink Price Prediction 2023 – 2025: Will LINK Prices Reach To $100 By 2025?
The RSI has been trading close to the mid-point since the start of October, indicating a weak buying and selling power in the market. Further, the chart displays a possibility of a bearish convergence in averages, which could result in a Chainlink price plunge in the coming days.
If the Bulls gain power and the Chainlink price breaks out of the triangle, the price will start trading under a bullish influence and prepare to test the resistance level of $7.962. Further, if the market continues gaining momentum, the price will re-test its upper resistance of $8.290 this week.
On the flip side, if the bears overpower the bulls and the price breaks down the triangle, then the price will lose momentum and dip toward its support zone at $7.201.
Moreover, if the market fails to hold the price at that level, then the coin will further dip and test its lower support level of $6.905 soon.
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