Chainlink Breaks Trendline Resistance, Eyes Higher Targets

Chainlink has been under pressure for months, but recently broke above a long-standing daily descending trendline that had capped its price. The token is now finding support from a newer ascending trendline formed off recent higher lows since June.

The momentum oscillator on the chart currently reads 60.43, sitting comfortably above the midline after flashing a bull outlook in February and August. This kind of reading fits with a market that has shifted from a defensive downtrend into a more constructive phase.

A confirmed close above $9.289 would be the next real test for Chainlink, while losing the ascending trendline and closing below $7.529 would undo much of the recent structural improvement.