ChainLink price is in a bullish trend after having broken out from a clear resistance level on October 6. Will the upward trend continue above $3.00?
The price of ChainLink (LINK) is bullish in the medium-term outlook. The market opened at $2.10 level and the bulls pushed the price to a high as $2.83 level, where it currently trades.
On June 29, ChainLink price was in an uptrend move as the bulls broke above the $4.00 resistance level severally before resuming the downtrend. The downward trend resulted in the market consolidating between the $2.00 support level and the $2.50 resistance level. However, the bears intensified their pressure and the price broke the support level and declined to a low at $1.50. The $1.50 support level could not be breached, setting the stage for a recovery.
On the upside, if the more buyers emerge, the coin will face resistance at the $3.00 price level. A break above this resistance level will propel the price to retest the $4 price levels. On the downside, if the bulls fail to break the resistance levels, the market may commence a range-bound movement.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, LINKUSD is bullish on the short-term outlook. Back in June, the bulls tested the $4.00 resistance level but were resisted. As a result, the price of LINKUSD went on a downward correction. The price was corrected at the low of the $2.08 price level.
The bulls recovered towards the $2.80 price level where they were again resisted and the coin fell to a range-bound move below and above 12-day and 26-day Exponential Moving Averages (EMAs). In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
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