Cryptocurrency traders are always on the lookout for the next big move in the market, and according to a popular analyst known as Bluntz, Chainlink (LINK) may be gearing up for a significant rise. Bluntz, who has a large following on social media, recently shared his insights on the potential bullish reversal pattern forming in LINK.
Comparing the current chart of Chainlink to a similar pattern seen in Bitcoin back in 2019, Bluntz highlighted the similarities and suggested that LINK could be on the verge of breaking through resistance. The analyst pointed out that LINK is showing signs of forming an Adam and Eve pattern, indicating a possible breakout in the near future.
Despite trading at $24.44 at the time of writing, down 4.7% in the last 24 hours, Bluntz remains optimistic about the future of LINK. He also mentioned that the decentralized finance (DeFi) sector has been “de-risked” following news that a crypto project linked to US President-elect Donald Trump has acquired DeFi tokens, including Chainlink.
Trump’s World Liberty Financial (WLFI) platform reportedly purchased $50 million worth of DeFi coins, further solidifying the potential for growth in this sector. With the president’s involvement in DeFi and the accumulation of tokens like LINK, Ethereum (ETH), and Aave (AAVE), Bluntz believes that DeFi is poised for a repeat of its 2021 success.
As the cryptocurrency market continues to evolve and new trends emerge, keeping a close eye on projects like Chainlink and developments in DeFi could offer lucrative opportunities for traders and investors. Stay informed and subscribe to get email alerts for the latest updates in the crypto space.