Chainlink's Bullish Reversal Pattern Signals 25%-30% Gain by May
1min read Chainlink, a blockchain abstraction layer that facilitates the connection of universal smart contracts, is currently experiencing a potential trend shift. Market analyst Ted Pillows noted that Chainlink's inverse head and shoulder pattern indicates a bullish reversal, suggesting that utility tokens are gaining momentum. Pillows predicts that if chainlink manages to break the $16-$16.5 range, it could see a 25%-30% increase by the first week of May.
The inverse head-and-shoulders pattern is a bullish reversal formation that signals the end of a downtrend, indicating that buyers are gaining control over sellers. Renowned crypto analyst Michael van de Poppe echoed similar sentiments, stating that Chainlink is poised for a multi-month upward trend if it surpasses the resistance at $15.
Ask Aime: "Is Chainlink set for a bullish reversal and potential 25%-30% increase by early May?"
At the time of writing, Chainlink was trading around $14.74, reflecting a 15.7% increase over the past two weeks. With the price nearing the psychological barrier of $15, a significant resistance zone, it remains to be seen whether this level will be breached in the short term to intensify bullish momentum. Despite this uncertainty, Chainlink continues to exhibit positive on-chain metrics, suggesting a potential momentum shift.
For example, Chainlink's daily trading volume has increased by 17.73% to reach $346.97 million, demonstrating heightened market activity and liquidity. Additionally, Cardano founder Charles Hoskinson recently disclosed ongoing efforts to integrate major blockchain systems, including Chainlink, to expand the network's use case and reach.
