The Chainlink (LINK) price shows bullish signs in the weekly and daily time frame. It is approaching a key long-term resistance level.

LINK is the native token of Chainlink, which uses a decentralized oracle network to allow blockchain networks to interact with external data feeds. It was created by Sergey Nazarov. The Chainlink price has fallen under a descending resistance line since reaching an all-time high price of $53 in May 2021.

The decrease culminated in a low of $5.30 in June 2022. Since then, the price has traded very close to the $6.10 horizontal support area. More recently, the LINK price created a long lower wick and a lower high (green icon), which can be considered the first step in a bullish structure. 

Moreover, the weekly RSI has generated bullish divergence for the entire period. The indicator has now almost moved above 50. 

If the increase continues, the resistance line at $8 is expected to provide resistance. A breakout from the line could take the price to the $14.90 resistance area.

Chainlink (LINK) Deviation and Reclaim Increase Bullish Sentiment

The technical analysis from the daily time frame provides a more bullish outlook. The price has increased since March 10 and broke out from a descending resistance line four days l

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Author: Valdrin Tahiri

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