Chainlink Eyes $16 and $20 Resistance Following Double Bottom Formation

• Chainlink (LINK) shows strong bullish momentum, eyeing $16 and $20 resistance levels.
• Intraday charts indicate high volatility; maintaining above $13.50 is crucial for the next upward push.
• Double bottom formation around $12 attracts bigger investors, fueling potential further rally.

Chainlink (LINK) demonstrates strong bullish momentum, indicating renewed interest in the altcoins. LINK and LINK/BTC have both closed in the positive territory, hinting at possible upward movements. Analysts point out important chart levels while entering the next pricing rally.

Chainlink Shows Strong Uptrend Momentum

Crypto analyst CRYPTOWZRD pointed out that LINK ended the day strongly in the positive range and that LINK/BTC’s upward trend continues strongly and may push further upwards. “Tomorrow I will keep track of the intraday chart and look out for the next quick trading spot,” explained the analyst.

Source: X

Both the daily candles of LINK/USD and the LINK/BTC pair were positive, and LINK/BTC seems dominant. However, if there’s a breakout above the trend line of the lower high, there could be immediate access towards $16.00 and subsequently towards the next strong resistance level of $20.00.

Meanwhile, $12.50 has emerged as strong support in the LINK/USD market. Investors are currently analyzing lower time frame charts in order to identify opportunities through pattern analysis based on the overall trend in Bitcoin markets.

Chainlink Intraday Charts Signal Breakout

The intraday levels depicted high volatility with overall bullish tendencies. LINK needs to maintain above $13.50 in order to reach the target resistance level of $15.20. But if this level gets broken, there may be a possibility of a false breakout, and the levels may stay lateral for some time. Bitcoin’s actions would again play an important part in LINK’s next substantial push.

At the time of writing, Chainlink (LINK) is trading at $14.41, with a 24-hour trading volume of $1.76 billion and a market capitalization of $10.05 billion. The LINK has seen an impressive 19.04% increase over the last 24 hours, signaling renewed interest from investors.

Source: CoinMarketCap

Also Read | Chainlink ETF Goes Live as Grayscale Launches ‘GLNK’ on NYSE Arca

Chainlink Forms Strong Double Bottom

Adding more fuel to this optimism, CryptoPulse pointed out that LINK forms a double bottom pattern around $12. This region functioned as a liquidity sweep that cleared out the weaker positions. This resulted in bigger investors entering the market, as evident from the significant buys seen in the next day’s trading session.

Source: X

However, in terms of market structure evolution, the most important thing is being patient and waiting for high-probability entry levels. Once there’s confirmation from the charts, there’s no need to act reactively.

For those in favor of keeping things simple when it comes to trading, there are platforms such as Bitunix and the involvement of the partnered broker that would be able to support trading.

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