A widely followed cryptocurrency trader states that a prominent utility altcoin may be on the verge of an upward movement. The analyst, known by the pseudonym Bluntz, informs his 305,200 followers on the social media platform X that the decentralized oracle project Chainlink (LINK) is forming a bullish reversal pattern on the hourly chart, reminiscent of a Bitcoin movement in 2019 when BTC broke through resistance at $4,220.

“These bottom structures are definitely some of my favorites to trade; BTC 2019 bottom for reference.”


Source: Bluntz/X

He indicates that LINK may be forming a bullish Adam and Eve pattern, which suggests that an asset is poised to surpass its horizontal resistance after establishing a bottom.

“Some nice bottom structures forming across the board now that the dust has settled. Perfect Adam and Eve bottom structure on LINK here with a horizontal breakout as well.”


Source: Bluntz/X

LINK is currently trading at $24.44, down 4.7% in the last 24 hours. Bluntz recently remarked that the decentralized finance (DeFi) sector is “de-risked” following news that the crypto project associated with US President-elect Donald Trump has accumulated tokens such as LINK. Bluntz stated:

“The president is accumulating DeFi coins and is making his own DeFi company. I think it’s safe to assume DeFi is now de-risked and due for a 2021 repeat.”

Crypto intelligence platform Arkham recently reported that Trump’s World Liberty Financial (WLFI) platform purchased $50 million worth of DeFi coins, including Chainlink, Ethereum (ETH), and Aave (AAVE).

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Featured Image: Shutterstock/David Sandron/Vit-Mar