A cryptocurrency analyst has explained how a Chainlink triangle breakout setup could point to a massive $100 target for the asset’s price.
Chainlink Is Coiling Inside A Triangle Right Now
In a new post on X, analyst Ali Martinez has talked about a triangle pattern forming in the weekly price of Chainlink. Triangles refer to consolidation channels from technical analysis (TA) that involve an asset trading between two converging trendlines.
Like any other consolidation channel, the upper trendline acts a source of resistance, while the lower one that of support. In other words, tops can be likely to occur on retests of the former and bottoms at the latter.
There are a few different types of triangles, with some of the popular ones being the ascending, descending, and symmetrical variations. The orientation of the trendlines decides which type a particular triangle falls into.
Ascending and descending triangles have one trendline parallel to the time-axis: upper line in the
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