A closely followed crypto analyst says traders are sleeping on Chainlink while predicting new all-time highs for two emerging altcoins.
The pseudonymous trader, known in the industry as Pentoshi, tells his 258,200 Twitter followers that he sees the decentralized oracle network significantly outperforming Bitcoin in the coming weeks.
“I think people are sleeping on LINK. Very little chatter yet massive things going on in front of people’s eyes I won’t be surprised if price is a lot higher in the next 4-6 weeks.”
According to Pentoshi’s chart, the LINK/BTC pair looks poised to take out key resistances en route to his target of 0.0011 BTC, worth $57.82 at time of writing. The move represents an upside potential of nearly 70% from its current value of 0.00065 BTC or $34.17.
The crypto trader is also tracking layer-2 scaling solution Polygon (MATIC), which he says has taken out resistance at $1.62 and is now ready to move above its all-time high of $2.70.
“I don’t think it’s long before price discovery on this. Probably this month or at least [all-time highs]. Likely flags out on this short term and breaks up. I like this chart a lot and has the FA (fundamental analysis) to go with it.”
Another coin on the trader’s radar is Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance applications. According to Pentoshi, ALGO is gearing up to break its long-term diagonal resistance to launch a new uptrend.
“Bringing back this oldie Current ALGO chart reminds me of the [original] chart. Looks good on both [USD and BTC] pairs. Above green = repeat of moon and portal gun shot heard around the world.”
Should ALGO follow the trader’s script, the crypto asset can surge to a new all-time high above $2.11, marking an upside potential of over 42% from its current price of $1.48.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tithi Luadthong