Crypto analyst Nicholas Merten expects a bull run to clock enormous gains for altcoins.
On a new episode of Datadash, Merten says Chainlink (LINK), an Ethereum-based token that powers the decentralized oracle network, is now on the cusp of a parabolic run.
“The major thing that I’m correlating this to is the early phase of the 2017 rally. We’re starting to see a lot of the plays that are going to be similar to Ethereum – kind of the frontrunners in the market – and become some of the new large-cap plays that really lead in this cycle – are really starting to showcase and shine here. And I think Chainlink is one of them.
We’ve gotten above the resistance range here – the only question now as to whether or not this is going to hold. And what I would like to see even more is not only more volume here, in the sense of Chainlink, but also I want to see this continue climbing higher.”
At time of writing, Chainlink is the biggest gainer among the top 15 cryptocurrencies.
Currently valued at $4.42, it’s up 13.61% in the last 24 hours, according to CoinMarketCap. Bitcoin is up 0.72% at $10,240, Ethereum is up 5.93% at $280.4 and XRP is up 4.71% at $0.334.
Merten adds,
“We could start to see a really parabolic run here where prices could continue to climb higher even as Bitcoin is getting a good amount of price action over the next couple of weeks.”
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