An analyst has pointed out how Chainlink could see its next major move after it breaks past the range of this technical analysis (TA) pattern.
Chainlink Has Been Trading Inside A Triangle Recently
In a new post on X, analyst Ali Martinez has shared about a pattern forming in the 1-week price of Chainlink. The pattern is a Triangle from TA, which is a type of consolidation channel that appears whenever an asset’s price trades between two converging trendlines.
Like other consolidation patterns in TA, the upper level of a Triangle is a source of resistance, while the lower one that of support. Also, a break out of either of these boundaries can signal a continuation of trend in that direction.
There are a few different types of triangles, based on the orientation of the trendlines with respect to the graph axes. The “Ascending Triangle” forms when the upper line is parallel to the time-axis. As the price moves through this pattern, its range shrinks in an upward manne
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