Decentralized oracle network Chainlink (LINK) could be ready for takeoff, according to one popular crypto analyst.
In a new strategy session, widely followed analyst Benjamin Cowen tells his 528,000 subscribers that he believes Chainlink is primed to rally past three digits this market cycle.
“My speculation with LINK – and it always has been – is that we should break $100 this market cycle. And I would speculate that we go above that… We could go to several hundred dollars this market cycle.
That will of course be highly dependent on the health of the entire market.”
At time of writing, the 11th-ranked cryptocurrency by market cap is trading at $35.98 coming off a 16% increase over the past 24 hours.
Cowen notes that during LINK’s existence, the time between each bull cycle has decreased. After recovering to the level of its previous bull cycle – which took the altcoin from its former $20 all-time high to a new high of $53 in the span of 273 days – Cowen speculates that the next cycle may only take up to 200 days to complete. He thinks that new all-time highs could come before the end of the year.
Despite LINK’s tendency to underperform when Bitcoin (BTC) is rallying, he stands behind his thesis that Chainlink usually shines when Bitcoin holds support above the 20-week moving average.
“Look at the bigger picture. Recognize that LINK is – more or less – on a mission where I do believe that it will continue increasing with time. But unfortunately, LINK is one of the coins that… doesn’t tend to do as well when Bitcoin is.
It does well when Bitcoin’s kind of just hanging out, not super bearish. But if it’s above the 20-week [moving average], that’s when LINK shines. That’s where we are today.”
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Featured Image: Shutterstock/Sergey Nivens