The price of Chainlink (LINK) is showing promising long-term bullish signals. It has managed to reclaim a significant horizontal level and is currently attempting to overcome a long-term diagonal resistance level.
Long-term indicators suggest that LINK will eventually break out from the resistance line. However, short-term indicators are causing some uncertainty about this possibility due to a breakdown from an ascending support line.
Chainlink Price Makes Another Attempt at Breaking Out
The technical analysis from the weekly time frame shows that the price of LINK has declined below a descending resistance line since May 2021. This decline led to a low of $4.75 in June 2023. Initially, it appeared to cause a breakdown from the $6 horizontal area, which had been established since May 2022.
However, there was a rapid recovery, and the price returned to the $6 area. Then, it confirmed it as a strong support level. This…
