The price of Bitcoin is approaching $29,500 again at the time of writing, but Chainlink investors remain hopeful. Chainlink, which is the favorite altcoin of many popular crypto analysts like Poppe, stands out in its field and this is its biggest advantage. Although its success in Oracle feeds may not be fully reflected in the token price yet, we may see it soon.
Chainlink (LINK) price is showing promising long-term bullish signals. The popular cryptocurrency, which has managed to reclaim an important horizontal level, is currently attempting to overcome the long-term diagonal resistance level. If BTC continues its sharp decline, it will likely fail, but investors may find it useful to examine this setup as it reflects the medium-term target.
Long-term indicators suggest that LINK will eventually break out of the resistance line. However, we cannot say the same thing about short-term indicators due to the breakout from the rising support line.
On the weekly chart, we see that the LINK price has fallen below a declining resistance line since May 2021. This decline caused a bottom of $4.73 in June. Although it initially resembled a clear breakout from the $6 horizontal support area established since May 2022, the price quickly recovered the critical threshold.
The quick compensation for the loss of support suggests that extreme sell-offs may not lead to deeper lows. This is promising. At the time of writing, the LINK Coin price has dropped to the $7.69 region due to the impact of the BTC decline. However, the $7.9 resistance line, which has been in place for 826 days, may be broken in the near future. We have been saying for weeks that many altcoins have started to break their 600-800-day downtrends, which gives hope to investors in the overall altcoin market.
A successful breakout and a close above this line will indicate the end of the correction. In a possible bullish scenario, the price is likely to test the next resistance at $18. Conversely, if the ongoing BTC decline gains momentum and LINK Coin moves away from resistance, we may see the price drop to the $6.2 support area.
In summary, the long-term LINK price forecast is bullish, and a breakout from the long-term resistance line is expected.