Chainlink formed a double bottom pattern, indicating a possible reversal, as there were signs that some whales were rallying the token.
Chain link (CHILDREN).
A possible trigger for the LINK signal is that whales are collecting it. According to LookOnChain, nine new wallets withdrew 362,380 coins from Binance in the past two days. These coins are now valued at over $8.19 million.
It was reported on Crypto.news last week that another whale collected 65,000 LINK coins worth $1.8 million.
These whales bought Chainlink a week after World Liberty Financial (WLFI), the DeFi platform launched by the Trump family, bought more than 78,300 LINK tokens worth more than $1.7 million. It is worth noting that WLFI signals are mostly owned by President-elect Trump and his family.
Chainlink, known in the crypto industry for its foundations, is the largest oracle in the sector with over $35 billion in total secured value. That figure is higher than its biggest competitors like Chronicle, Pyth, Edge, and Redstone.
The Chainlink ecosystem is likely to grow as more chains and networks adopt its technology. Justin Sun's Tron, the latest series to use his oracles, has changed WINKLink to Chainlink.
Chainlink has also created major partnerships in the Real World Asset tokenization industry, including companies such as Coinbase, Emirates NBD, SWIFT, and UBS.
Chainlink price formed a double bottom pattern
LINK, like other digital currencies, has fallen significantly in recent days as concerns about the Federal Reserve remain.
The indicator has remained above the 50-day moving average on the daily chart. More importantly, it has formed a double-bottom chart pattern at $20.12. This pattern occurs when an asset does not move below a certain price twice. This is one of the most bullish reversal patterns in the market.
LINK has also created a reverse hammer pattern, a popular reversal sign. Therefore, it is likely that the coin will bounce back in the next few days as investors focus on the key psychology at $30, which is about 35% above the current level.
On the flip side, the bullish view will be invalidated if the coin falls below the double bottom point at $20.12.
