Chainlink (LINK) Faces Decline Amid Crypto Market Sell-Off, Eyes Bullish Reversal
- Chainlink (LINK) has seen an 8.4% decline in the last 24 hours, with its current price at $15.45 amidst broader market volatility.
- A double bottom pattern is forming, suggesting a potential bullish reversal with a price target of $21.
- Experts are comparing LINKs current cycle to 2018, where it saw a 20x surge against Ethereum, raising hopes for similar future gains.
Chainlink (LINK) is currently navigating through turbulent times as it experiences a decline in value, driven by a large-scale sell-off in the broader cryptocurrency market. The recent market volatility has sparked fear and uncertainty, leading to a downturn across many altcoins, including LINK.
As of the latest update, LINKs price is at $15.45, with a 24-hour trading volume of $1.05 billion and a market capitalization of $9.86 billion. Over the past 24 hours, LINK has seen a significant decrease of 8.4%, reflecting the ongoing challenges faced by the cryptocurrency market.
LINK, being one of the top altcoins, has not been immune to these shifts. However, despite the short-term setbacks, some crypto experts are predicting a potential bullish reversal for LINK.
LINK Double Bottom Formation Points to Reversal
Crypto analyst Ali Martinez has pointed out an intriguing technical pattern forming within the price action of Chainlink, a double bottom pattern. This pattern is often viewed as a strong bullish signal, indicating that LINK might be poised for a significant rebound. Martinez suggests that if the pattern plays out, Chainlink could potentially soar to $21, marking a substantial gain from its current price.
The double bottom formation is a common technical chart pattern that indicates a reversal from a downtrend to an uptrend, typically signaling a buying opportunity for investors. If this pattern holds true, it could be a catalyst for Chainlinks price recovery.
Chainlinks Potential Bull Cycle: Historical Parallels to 2018
In addition to Martinezs analysis, another renowned market expert, Michaël van de Poppe, has drawn parallels between Chainlinks current market cycle and its performance in 2018. Van de Poppe suggests that, like in 2018, LINK is entering a phase of accumulation after a prolonged period of price consolidation. This pattern, he believes, could signal the start of a bullish cycle for Chainlink against Ethereum (ETH).
Van de Poppe points out that during the last similar cycle, Chainlink experienced an impressive 20x increase in value against ETH over a span of two years. With Chainlinks current market conditions resembling those of 2018, many are hopeful that LINK could replicate this past performance and deliver substantial returns for investors.
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Read more: https://www.tronweekly.com/chainlink-faces-decline-eyes-bullish-reversal/
Text source: TronWeekly
