Chainlink (LINK) Might Have Printed a Double Bottom
With respect to price action, Chainlink (LINK) is trading at $16.496 after a local low of $16 earlier today. With the latter price level, Chainlink might have printed a double bottom with the low of $15 experienced on the 22nd of this month.
To note is that Chainlink bounced at the same $15 price area on the 23rd of May, thus printing a very steep descending triangle pattern as seen in the following daily LINK/USDT chart.
In the scenario the aforementioned double bottom pattern plays out, Chainlink might just have enough fuel to escape from the jaws of the descending triangle that points to lower levels.
However, a death cross is on the horizon for Chainlink with the 50-day moving average (white) about to cross the 200-day moving average (green) in the first week of July.
Therefore, a wait-and-see approach is advised when trading Chainlink. A resolution of the descending triangle and the passing of the death cross will provide clarity on Chainlink’s next course of action in the crypto markets.
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