Chainlink struggles to recover as analysts spot a potential double bottom pattern
Chainlink’s price remains well below its record high of $52.70, set in May 2021. Currently, the cryptocurrency is trading 82.55% lower than that peak. Despite recent fluctuations, analysts are watching for signs of a possible recovery pattern. On May 28, Chainlink experienced a sharp drop below $8.90 before rebounding. Since then, its 30-minute chart has shown a tight trading range, with the price hovering near the middle Bollinger Band at $9.169. The Moving Average Convergence Divergence (MACD) indicator also suggests weak but improving short-term momentum.
Analyst Crypto With Gopal has highlighted a potential double bottom pattern on the weekly chart. For this pattern to confirm, the price must hold its current support level and break above the neckline resistance. Meanwhile, Chainlink’s market capitalisation stands at $6.69 billion, with a 24-hour trading volume of around $286.14 million and a circulating supply of 727.10 million LINK tokens. Chainlink continues to trade far from its all-time high, though recent technical signals point to cautious optimism. If the double bottom pattern holds and the price breaks key resistance, it could signal a shift in momentum. For now, traders are monitoring support levels and short-term indicators for further direction.
