The Chainlink (LINK) price has increased rapidly in the last two weeks, reaching a high of $19.75 today. This is the highest price since January 2022.

LINK also broke out from a horizontal area in place for nearly 90 days. How long will the increase continue?

Chainlink Breaks Out from Horizontal Range

The weekly time frame technical analysis shows that LINK has increased rapidly since June 2023.

The upward movement stalled at a long-term horizontal area in November. This led to an 85-day consolidation period below resistance until LINK finally broke out last week. Today, the LINK price reached a high of $19.75, the highest in over two years.

The weekly Relative Strength Index (RSI) gives a mixed reading. Traders utilize the RSI as a momentum indicator to assess whether a market is overbough

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Author: Valdrin Tahiri

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