Popular crypto analyst Benjamin Cowen is outlining the best-case scenario for the decentralized oracle network Chainlink (LINK).
The trader tells his 710,000 YouTube subscribers that LINK remains below its bull market support band, a technical indicator combining the 20-week simple moving average and the 21-week exponential moving average.
[adinserter block="1"]Cowen also notes that LINK has been putting in lower highs since May of 2021.
“We are nearing the bottom of the range. We are trying to potentially get back above the prior high from the summer of 2020… We do have some work cut out for us. I’m not going to pretend like we don’t.”
Chainlink is trading at $17.71 at time of writing. The 22nd-ranked crypto asset by market cap is down 5.4% in the past 24 hours but up more than 9% from where it was priced one week ago.
The analyst says the “ideal scenario” for Chainlink is for Bitcoin (BTC) to trade above its own bull market support band, but also be moving sideways. Cowen notes that previous LINK price spikes in July 2019, August 2020, and May 2021 all happened while Bitcoin was moving sideways above its bull market support band.
Bitcoin is trading at $44,051.12 at time of writing. Cowen notes BTC’s bull market support band currently ranges from around $47,000 to $51,000.
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