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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Featured Image: Shutterstock/David Sandron/Vit-Mar
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