The LINK price had fallen under a descending resistance trend line since reaching an all-time high in August 2020.
The decrease led to a low of 18,050 satoshis in June 2023 and caused a breakdown from the 23,000 satoshihorizontal support area, leading to a new yearly low.
However, the LINK price has increased since. It reclaimed the 23,000 satoshi area afterward and accelerated its rate of increase in September, breaking out from the descending resistance trend line the next month.
At the time of the breakout, the trend line had been in place for more than 1,150 days. LINK is approaching the 43,000 satoshi horizontal resistance area, which has been in place since the start of 2022.
If LINK breaks out, it can increase by 90% and reach the next resistance at 75,500 satoshis. This will be an upward movement of 90%.
The weekly RSI is bullish. The indicator has generated a bullish divergence (green line) preceding the increase. This is a bullish sign that often precedes upward movements. A movement above 50 will confirm the bullish trend reversal.
If it breaks out and closes above the 2,250 satoshi resistance area, it can increase by another 50% and reach the next resistance at 3,400 satoshis.
The weekly RSI supports the continuing of the increase since the indicator is above 50 and moving upwards. If the rise continues, the next resistance will be 200,000 satoshis, 50% above the current price.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.