Chainlink Price Consolidation Continues, Analysts Await Breakout Decision
Chainlink's price has been consolidating after breaking a descending trendline off its late July high, and analysts are waiting for a decisive close above $8.537 or below $7.884 to determine the direction of the token.
The current consolidation range is roughly between $8.062 and $8.452, and a confirmed close above $8.537 would open the door towards $8.920, then $9.310, and finally $10.025 as extended targets.
On the other hand, a confirmed close below $7.884 would mark a breakdown instead, with $7.516 as the next level to watch.
The chart's built-in momentum oscillator flagged a bear signal near the July high and two bullish signals near the bottom of the pullback, but currently sits near neutral at 44.87, in line with the sideways price action.