Date: Sat, February 15, 2025 | 04:22 PM GMT
In the cryptocurrency market this week, major altcoins are showing signs of recovery after weeks of correction, as Bitcoin dominance has dropped by 1.72% over the past seven days.
Following this, the top altcoin Chainlink (LINK) is also making a comeback with noticeable gains over the past week. It is showing signs of a potential reversal after experiencing a 31% correction in the last 60 days.
LINK Retests Key Breakout Level
According to chart analyst Jonathan Carter, LINK has successfully broken out of a three-year-long symmetrical triangle pattern on the weekly timeframe. The breakout took place on November 22, 2024, when LINK surged past the triangle’s upper resistance trendline at approximately $15, pushing its price to a local high of $31.
However, recent market turbulence led to a retest of this breakout level, with LINK briefly dropping to $15.40 before rebounding to its current price of $19. This bounce from the upper boundary of the symmetrical triangle suggests that LINK could be gearing up for a significant rally if the breakout holds.
If the bullish momentum continues, LINK could target key resistance levels at $32.30, $53.00, and ultimately $100.00. These levels represent significant price milestones based on historical resistance and psychological factors.
A breakout above these zones could signal strong bullish continuation, potentially leading to a 430% rally from current price levels.
Can LINK Ignite a Rally?
The symmetrical triangle breakout is a bullish continuation pattern, and its successful retest could signal the start of a strong upward move. However, LINK’s performance will also depend on broader market conditions, including Bitcoin’s dominance and overall crypto market sentiment.
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