Chainlink price formed a hammer pattern and bounced back to a high of $12.60, up by over 15% from its lowest point this week. The LINK token remains about 30% below its monthly high. This article explores the next point to watch and why Bitcoin Pepe (BPEP) may be the next big thing.
Chainlink Price Technical Analysis
LINK price has been in a strong downward trend this year as the crypto market crash intensified. It dropped from a high of $30.87 in December to the year-to-date low of $10.18 in April.
Chainlink price then rebounded and faced substantial resistance level at $17.90 and then resumed the downtrend, bottoming at $10.95 on Monday. Its lowest point this week coincided with the ascending trendline that connects the lowest swings since August last year.
Chainlink has formed a double-bottom pattern with a neckline at $17.90. A double bottom is a popular bullish reversal sign that leads to more gains in the longer term.
READ MORE:Cardano Price Prediction as a Rare Risky Pattern Forms
Therefore, the LINK price will likely have a strong bullish breakout as bulls target the neckline at $17.90, which is about 41% above the current level. A drop below the year-to-date low of $10.18 will invalidate the bullish Chainlink price forecast.
LINK price chart | Source: TradingView
Chainlink has one of the most bullish fundamentals in the crypto industry because it runs the biggest oracle network. An oracle connects off-chain data and brings it to the blockchain, where it is used in decentralized finance and other areas.
Chainlink is also a major player in the real-world asset (RWA) tokenization, where its cross-chain interoperable solution helps to connect data across multiple blockchains.
Bitcoin Pepe is the Next Big Thing
Meanwhile, Bitcoin Pepe has emerged as one of the next big things in the crypto industry after going viral in the past few months. The project has already raised over $15.4 million, making it one of the top crypto presales of the year.
Bitcoin Pepe has become highly popular because of its name, which combines the most popular cryptocurrencies. Bitcoin is the biggest crypto project, while PEPE has emerged as one of the most popular meme coins.
It is also thriving because of its ambition to disrupt the meme coin industry. It will do this by creating a layer-2 blockchain network that will run on Bitcoin’s chain.
PEP-20 will let users launch meme coins on Bitcoin, a move that could disrupt Solana, which has become the most popular chain for these tokens.
Investors are also buying the BPEP token because of the 30% bonus that users are receiving after the first purchase. Most importantly, the token listing is around the corner, which will see many investors either cash out or hold it for higher returns in the future.
READ MORE: XRP Price Prediction as New Ripple ETF Inflows Slow
