Chainlink price steadies near $9 as weekly double‑bottom forms

Chainlink’s LINK token hovered just above $9 on May 30, with the price holding near a recent support zone and a technical analyst flagging a possible double‑bottom pattern on the weekly chart [1]. The token’s market cap stood at about $6.69 billion and 24‑hour volume near $286 million, while it remains far below its 2021 all‑time high of $52.70 [1].

Key takeaways

• LINK traded between $8.93 and $9.29, closing at $9.19, up 1.34% in 24 hours [1].
• The weekly chart shows two lows near the same support level, a classic double‑bottom signal [1].
• Short‑term momentum is modestly positive, with MACD just above the signal line [1].
• A break above $9.29 could confirm the bullish setup; a drop below $8.93 would revive lower‑level pressure [1].

Weekly double‑bottom draws analyst attention

Crypto analyst Crypto With Gopal identified a double‑bottom formation on LINK’s weekly timeframe, where two comparable lows have emerged around the $9 support zone [1]. This pattern often suggests that sellers are losing strength after a prolonged decline, and a breakout above the “neckline” – the prior swing high – would be needed to validate the bullish reversal. The analyst cautioned that the pattern remains unconfirmed; the price must stay above the support zone and avoid falling below the second bottom to keep the bullish outlook intact [1].

Short‑term price action and momentum

On the 30‑minute LINK/USDT chart, the token was near $9.209, trading close to the middle Bollinger Band at $9.169, with the upper band at $9.226 and the lower band at $9.112 [1]. The MACD indicator showed a mild positive reading, the MACD line at 0.024 above the signal line at 0.021, and a small histogram near 0.003, indicating weak but improving momentum [1]. Traders are watching the $9.11‑$9.16 support area; a clean move above $9.29 would strengthen the recovery, while a dip below $8.93 could undermine the emerging bullish structure [1].

Why it matters

The price stability around $9 suggests that buyers are beginning to defend a key support level after a sharp dip below $8.90 on May 28 [1]. If the weekly double‑bottom holds and eventually breaks upward, it could signal the start of a longer‑term recovery for LINK, which is still down over 80% from its 2021 peak [1]. Conversely, failure to maintain the support could keep the token in a bearish trajectory. Market participants will likely monitor the $9.29 resistance and the $8.93 floor for clues on the next direction.