A widely respected cryptocurrency trader said the top utility altcoin could be poised for a rise.
An analyst known by the pseudonym Bluntz tells his 305,200 followers on social media platform X that decentralized oracle project Chainlink (LINK) is forming a bullish reversal pattern on the hourly charts. This is reminiscent of Bitcoin’s move in 2019, when BTC broke the resistance at $4,220.
“This floor structure is one of my favorite things to trade. This is the bottom of BTC 2019 for reference.”
He says LINK may be forming a bullish Adam and Eve pattern. This indicates that the asset has bottomed out and is threatening to remove horizontal resistance.
“Now that the dust has settled, we have a nice floor structure across the board. LINK’s complete Adam and Eve floor structure that also includes horizontal breakouts.”
LINK is trading at $24.44 at the time of this writing, down 4.7% in the last 24 hours.
Bluntz said the decentralized finance (DeFi) sector is “off the hook” following recent news that cryptocurrency projects linked to US President-elect Donald Trump have amassed tokens such as LINK.
Blunts said.
“The president is accumulating DeFi coins and creating his own DeFi company. I think it’s safe to assume that DeFi has now been de-risked and scheduled for a repeat in 2021.”
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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Featured image: Shutterstock/David Sandron/Vit-Mar