Popular crypto trader Elliot Wainman thinks Chainlink (LINK) and other, smaller-cap decentralized oracles are primed to explode in value.
Wainman tells his 299,000 YouTube subscribers and 142,000 Twitter followers that LINK’s Bitcoin chart looks quite promising for the oracle network. He thinks a “full send” is coming to all low cap oracle projects.
“If you look at the Bitcoin vs. LINK chart… you can see that [LINK] is setting up here and it’s really bounced off the lows, reaccumulated and is getting ready for another bullish movement up towards its prior highs. And if it does this, this is going to be a huge growth in the LINK value. And whenever that happens, whenever LINK expands dramatically, it paves the way for an explosion of the oracle coins. It just so happens that LINK tends to be a tip of the spear for DeFi in general.”
In his new video, Wainman points to one low cap low-cap oracle coin, Tellor (TRB), that had already exploded in value. TRB has since lost a lot of its progress by time of writing, however.
Wainman also predicts potential gains for two other small-cap oracles.
“I do believe that as Chainlink (LINK) picks up and up that this will lead to a huge swell. And some of these oracle coins, especially some of these lower-cap ones, will do incredibly well… I am looking at Oraichain and OptionRoom as two of the lower-cap options here that might do some great gains, though to be honest, I believe all of the oracles will stand to be very bullish once LINK picks up and to the right.”
Oraichain Token (ORAI), the 676th-ranked crypto asset by market cap, is trading at $31.30 at time of writing and is down 28% in the past two weeks, according to CoinGecko. OptionRoom, the 746th-ranked crypto asset by market cap, is trading at $1.83 at time of writing and is up 4% in the past 14 days.
Wainman notes that like Bitcoin for the broader crypto market, Chainlink serves as something of a bellwether for other decentralized oracles.
“Just like Bitcoin is almost like a health reading for the altcoins sometimes, as Bitcoin is falling sometimes the rest of the altcoin markets get hit really hard, as we saw this week.
And as Bitcoin rises the alts go parabolically to the upside. This is very much true of Chainlink and the lower-cap oracles.”
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