Summary
- It was reported that Chainlink is forming a horizontal bottom structure, indicating a high potential for upside.
- Bluntz stated that Chainlink is forming a bullish reversal pattern on the 1-hour chart.
- The news that a Trump associate has purchased Chainlink and the expectation of reduced regulatory risks are expected to have a positive impact.
The decentralized oracle network Chainlink (LINK) has formed a horizontal bottom structure, indicating that it is ready for an upward move, according to analysis.
On the 26th (local time), Daily Hodl reported that renowned cryptocurrency analyst Bluntz stated, "Chainlink is forming a bullish reversal pattern on the 1-hour chart. This is similar to when Bitcoin broke through the $4,220 resistance line in 2019."
Bluntz predicted, "Recently, news came out that Liberty, operated by a Trump associate, has purchased several cryptocurrencies including Chainlink. After his inauguration, the regulatory risks for the decentralized finance sector are expected to decrease further."
Currently, Chainlink is trading at $24.44, down 4.7% from the previous day.
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