The Chainlink (LINK) price has possibly begun a long-term bullish trend reversal. An increase above $9.10 would confirm it.
The LINK price had fallen below a descending resistance line since reaching an all-time high price of $53 in May 2021. The downward movement led to a low of $5.30 in June 2022.
Afterward, Chainlink began an upward movement and broke out from the line on Aug. 5. However, it failed to move above the $9.40 horizontal resistance area.
The RSI legitimizes the breakout, since it has also broken out from its bearish divergence trend line (green line). Currently, it is in the process of moving above 50.
An RSI breakout above 50 combined with a LINK price breakout above $9.10 would confirm the bullish reversal. In this case, the next resistance would be at $18.
Chainlink Price Prediction: Will Breakout Occur?
Technical analysis of the daily chart also supports the continuation of the upward movement….
