The cryptocurrency market has experienced a notable increase in buying pressure, largely influenced by macroeconomic events like the recent US debt ceiling deal. This recovery has prompted several crypto coins to regain lost ground and embark on a path towards growth. Today, we will examine the leading cryptocurrencies exhibiting a bullish pattern, suggesting significant potential for substantial growth during the anticipated recovery rally in June.
DOGECOIN(DOGE)
During a phase of market volatility, Dogecoin's price has been displaying a sideways movement, oscillating between the levels of $0.075 and $0.069. Noteworthy is the fact that on May 25th, the price of Dogecoin experienced a bounce-back from the support zone around $0.069.
As the double bottom pattern develops, there is a strong likelihood of an upward surge in the bullish momentum, pushing the price even higher towards the immediate resistance level of $0.0755. This resistance acts as both the neckline resistance of the chart pattern and the upper boundary of an ongoing consolidation phase.
SOLANA(SOL)
Over the past five weeks, the Solana price has been confined within a wedge pattern, with two converging trend lines dictating its movement. The gradual narrowing of these trend lines suggests a decline in selling pressure and a potential shift towards buyers regaining control.
On May 27th, Solana experienced a significant breakout above the resistance trendline of the pattern, signalling a shift in market sentiment towards the positive. Currently, the SOL price is trading at $20.70, representing a minor intraday loss of 1.00%.
If the price manages to sustain above the breached trendline, it opens up the possibility for buyers to propel the price towards potential targets of $24 or $27.
CHAINLINK(LINK)
During the recent period of volatility in the cryptocurrency market, the Chainlink price found reliable support at $6.10, forming a strong base. This support level has facilitated the formation of a double bottom pattern on the daily time frame chart.
The double bottom pattern typically generates bullish momentum and often triggers a significant rally when the price breaks above its resistance neckline. Currently, Chainlink is trading at $6.50, but based on the influence of this pattern, it is expected to reach the overhead resistance at $6.70.
If buyers successfully manage to convert this resistance into support, it could propel the altcoin's price to rise by another 10% and reach the $7.50 level. Further targets include $8.60 and $9.50.
