- Chainlink price gives a double bottom pattern, meaning that its price might be about to rise.
- The analyst gives LINK a target of $52, which is its all-time high in case 36 resistance is overcome.
- The opposite would have occurred: LINK would need to close above 36 and retest it as support in order to certify that more rise to this value exists.
Chainlink price activity is attracting attention as a well-known analyst spots a possible double bottom on the chart. This pattern may be observed to indicate a change in momentum by traders. Despite the market as a whole being down, some analysts see Link could be headed higher yet.
Chainlink Price Forms Double Bottom Pattern, Analyst Eyes $52 Target
Crypto market analyst CryptoGoos has identified a potential double bottom pattern on Chainlink chart. When the prices decline, jump back up and touch the same help price again, then start to rise; the pattern seems to be shaped like the curve W. It is an indication of a potential bullish comeback.
According to the analyst, LINK may have found strong support and could be preparing for an upward move. If momentum continues, CryptoGoos sees $52 as a realistic target. This is also in correlation with the all-time high of Chainlink.
In addition, CryptoGoos also pointed out the potential inverse head and shoulders pattern developing, along with the double bottom. The arrangement usually indicates that a buying pressure is gathering up following a time of selling.
Source: CryptoGoos/X
However, the forecast depends on a key condition. The analyst stated that LINK must break through the $36 resistance level and confirm it as new support. This price point was last seen in 2022. A break and retest above $36 could change market sentiment and draw in more buyers.
LINK is now priced at approximately $21. It would require a gain of more than 65% before testing the resistance of the $36. Once the breakout is confirmed, the trend toward $52 can become more probable.
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