๐ Chainlink (LINK) โ Bulls Are Waking Up! (Chart analysis Below) $LINK
Chainlink is showing some interesting signs on the daily chart ๐
๐น The price looks to have formed a double-bottom pattern โ a classic signal that the downtrend might be losing steam. This pattern often marks the start of a bullish reversal, meaning sellers are getting weaker and buyers are stepping back in.
๐น The key level to watch is $20.24, which acts as the neckline of this pattern. This price also matches the 50% Fibonacci retracement, giving it extra strength as resistance.
๐ If LINK breaks above $20.24 and the RSI (momentum indicator) also breaks its downward trendline, it could confirm a strong bullish breakout.
Meanwhile, the MACD indicator is already turning upward โ another hint that momentum may be shifting to the bulls.
๐ฏ A successful breakout could send LINK toward $24, a potential 35% move from current levels.
โ ๏ธ But โ if LINK drops below $16.47 (the 38.2% Fibonacci level), that would cancel the bullish setup and could lead to more downside pressure.
CHAINLINK looks ready to move! ๐ฅ
Double bottom pattern forming on the daily chart ๐
Break above $20.24 could trigger a rally toward $24 โ about 35% upside.
Stay sharp โ below $16.47, the setup fails.