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  • Chainlink targets $2.0 after breaking the descending channel resistance.
  • The technical levels are still positive hinting further growth in the short-term.

Over the last 24-hours, Chainlink has recorded over 10% in gains. This follows a bullish wave revival in the cryptocurrency market mostly driven by the granddaddy of cryptos, Bitcoin. Chainlink had been enduring torture within a descending channel as seen on the 4-hour chart. The drop below both the 100 Simple Moving Average (SMA) and the 200 SMA saw Bitcoin chart a lower low pattern towards then of last week.

On hitting a low close to the current support at $1.7, LINK charted a brief consolidation phase between $1.70 support and $1.9 resistance. Coupled with the bullish wave on Monday and the break past the channel resistance, LINK stepped above $1.9 hurdle before extending the action to September high around $1.950.

For now, $2.0 remains unconquered but the prevailing trend suggests further upward movements are in the offing. For instance, the Moving Average Convergence Divergence (MACD) has just pierced the mean line (0.000). The increasing positive divergence could encourage the buyers to increase their positions and pull LINK towards the moving averages.

LINK/USD 4-hour chart