Chainlink continues to expand its use cases with multiple collaborations. In a recent update, the platform has joined Banco, Microsoft, &COMm in phase 2 of Brazil’s BRX CBDC pilot. Besides, the platform’s adoption rate has been soaring, suggesting a positive impact over its native token, LINK, which has broken above the range. The LINK price is demonstrating acute strength after rising above the horizontal consolidation and appears to be primed to rise over the current ATH shortly.
The long-term price action of Chainlink suggests the price has been pretty volatile since the start. Therefore, the range-bound consolidation that persisted for more than 2 years has raised many concerns. However, the token broke the trend then and now, indicating there is more room for the token to swell. Currently, the LINK price is testing the levels not seen since January 2022.
Now that the bulls who were stuck at the highs are slowly coming into profit, is there any possibility of LINK price marking a 3-digit figure in the upcoming bull run?
The long-term chart of Chainlink prices is about to experience the very first weekly Golden Cross since its inception. However, it has been delayed for a couple of months and the recent upswing is expected to be an outcome of the bullish event. Meanwhile, the bears seem to have held a strong grip over the resistance zone between $27.55 and $28.41, which is restricting the rally from surpassing the zone.
Secondly, the +Di of DMI levels has triggered a bearish divergence while the -Di continues to head towards the lower range. This suggests the LINK bulls could be exhausted for a while, which has been seen since the start of the week as selling pressure escalates. However, the bulls are trying hard to fight the bearish heat as it holds the ascending support. Meanwhile, the token has plunged below this support in the short term, which suggests the price may drop below $25.
If the Bulls manage to trigger a healthy rebound before the day’s close, the upswing could be revived, causing the price to revamp a strong rise beyond $30.
