Chainlink Breaks Above Downtrend Line After Four-Year Streak

Chainlink (LINK) has broken above its moving averages on the higher timeframe, ending a four-year downtrend. According to an analysis by Michaël van de Poppe, the cryptocurrency's price is holding above EMA50 support at $8.84 and EMA200 at $8.38.

The MACD (Moving Average Convergence Divergence) indicator has also printed a golden cross at 0.22, which is a bullish signal. The RSI (Relative Strength Index) is currently at 65.04, indicating that the price is still in a neutral zone and could continue towards the upper Bollinger band at $9.75 before retracing to the $8.84 level.

This development comes after Chainlink's price broke above its four-year low of $9.44 on August 16th. The analysis suggests that this move could signal a potential end to the long-standing downtrend and a possible continuation of the upward momentum.