Chainlink’s weekly trading has defied most peers in the market, showing promising signs about the token’s price rise. Ali Martinez via X says, “$LINK appears to be forming a double bottom pattern, which could trigger a bullish breakout to $21”
The comment comes as Chainlink has been trading rather safe compared to the larger market. At the press time, the coin is trading $16.84, down 1.06%.
Chainlink’s Positive Trajectory: What to Expect?
The price chart of Chainlink ($LINK) is forming a double bottom pattern, which analysts believe is an indication of a possible bullish breakout.
A technical pattern known as the double bottom usually denotes the conclusion of a downward trend and the beginning of an upward one.
Two troughs have been formed by the cryptocurrency $LINK’s two bounces off support levels; the second trough did not fall below the first.
This pattern implies that buyers may be taking over and that selling pressure has subsided, perhaps paving the way for a price rebound.
A big bullish breakout might occur if $LINK breaks above the neckline, which is the resistance level between the two troughs, and the double bottom pattern holds. According to analysts, the price may spike to $21, which would represent a substantial increase from its current levels.
Also Read: Chainlink Poised for Rebound as TD Sequential Indicator Flashes Buy Signal, $21 or $23 in Pipeline
$LINK Sees Rise in Customer Demand
$LINK’s resistance to the broader negative trading has been made possible to the investor confidence and support that the coin has received.
$LINK is attracting the attention of investors because of its important role in the Decentralized Finance (DeFi) ecosystem. Chainlink, a decentralized oracle network, allows smart contracts to safely interact with real-world data.
As DeFi and blockchain technology become more widely used, $LINK’s value proposition becomes more clear. Its solid partnerships, network upgrades, and steady demand across multiple industries are boosting investor confidence and igniting interest in the token.
Can $LINK Hit The $21 Mark?
With technical indicators pointing to probable upward momentum, Chainlink ($LINK) is currently displaying indications of a likely short-term bullish trend.
As analysts anticipate that if $LINK is able to overcome the resistance around the neckline, a breakout might send it towards the $21 level as it creates a double bottom pattern.
However, the token might find support at $15 if buying pressure builds.
$LINK’s movement may be slightly influenced by more general market factors, such as the success of Bitcoin and the general sentiment surrounding cryptocurrencies in the coming days.
Also Read: Chainlink Introduces DeFi Yield Index To Enhance Market Transparency And Capital Efficiency