Chainlink (LINK) Forming Perfect Bottom Structure With Potential To Break Out: Crypto Trader

A widely followed cryptocurrency trader says a top utility altcoin may be ready to rise.

The analyst pseudonymously known as Bluntz tells his 305,200 followers on social media platform X that the decentralized oracle project Chainlink (LINK) is forming a bullish reversal pattern on the hourly chart, reminiscent of a Bitcoin move in 2019 when BTC broke through resistance at $4,220.

“These bottom structures are definitely some of my favorites to trade; BTC 2019 bottom for reference.”

He says that LINK may be forming a bullish Adam and Eve pattern, which indicates an asset is threatening to take out its horizontal resistance after carving a bottom.

“Some nice bottom structures forming across the board now that the dust has settled. Perfect Adam and Eve bottom structure on LINK here with a horizontal breakout as well.”

LINK is trading at $24.44 at time of writing, down 4.7% in the last 24 hours.

Bluntz recently said that the decentralized finance (DeFi) sector is “de-risked” following news that the crypto project linked to US President-elect Donald Trump has accumulated such tokens as LINK.

Said Bluntz,

“The president is accumulating DeFi coins and is making his own DeFi company. I think it’s safe to assume DeFi is now de-risked and due for a 2021 repeat.”

Crypto intelligence platform Arkham recently reported that Trump’s World Liberty Financial (WLFI) platform purchased $50 million worth of DeFi coins, including Chainlink, Ethereum (ETH) and Aave (AAVE).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/David Sandron/Vit-Mar