Double Top Pattern Detected in LINK Crypto Market


Chainlink price rose to a high of $7.32 on Tuesday, the highest level since April 26th. The LINK token was up by more than 53% from the lowest level in June and outperformed other coins like Bitcoin and Ethereum.

The oracle network announced a new plan to expand in the traditional finance industry. The Cross-Chain Interoperability Protocol (CCIP) was unveiled to connect traditional financial institutions to the blockchain. The initial blockchains will be Avalanche, Ethereum, Optimism, and Polygon. Early adopters of this testing were Synthetix and Aave.

Data compiled by DeFi Llama shows that Chainlink has a total value secured (TVS) of over $21.85 billion, making it the biggest oracle provider in the world.

Looking at the 4H chart, the coin has formed a double-top pattern at $7.30. The neckline of this pattern is at $6.50 and it is usually a bearish sign. Therefore, despite the new product launch, there is a likelihood that LINK price will have a bearish breakout. If this happens, the next level to watch will be at $6.50, which is ~6.50% below the current level. On the flip side, a move above the double-top level of $7.30 will invalidate the bearish view.

There are two popular exchanges to buy Chainlink: Bitstamp and Binance. Bitstamp is one of the longest-standing crypto exchanges, providing a secure and reliable trading venue since 2011. Binance has grown exponentially since 2017 and is now one of the biggest cryptocurrency exchanges on the market.

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