A widely followed crypto analyst believes one mid-cap altcoin may be setting the stage for a bullish breakout.
The trader says that although Chainlink has revisited the lower end of a trading range between $7.27 and $5.50, LINK may confirm an upward trend if it prints a higher low price against Bitcoin on the weekly timeframe.
According to the trader’s LINK/BTC chart, he is closely watching whether LINK can confirm the upward trend by staying above 0.000216 BTC ($5.57) after increasing to 0.000236 BTC ($6.08).
At time of writing, LINK/BTC is trading for 0.000241 BTC ($6.17).
According to the trader, the market has yet to price in Chainlink’s July launch of Cross-Chain Interoperability Protocol (CCIP). He says that CCIP is a huge boost for the network, similar to Ethereum’s (ETH) upgrade from proof of work (PoW) to a proof-of-stake (PoS) consensus mechanism.
The interoperability protocol aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.
“Chainlink is, as a matter of fact, undervalued compared to their future value with this recent fundamental release of CCIP and the possible growth we’ll be seeing with it, as Chainlink’s valuation is still down 85% from the ATH (all-time high). An ATH without CCIP integrated.
Yes, the price action doesn’t really mention that we’re having that much momentum, but you should realize that the largest profits and returns are established through buying in uncertain times. This is one.”
He notes that Chainlink’s price action has struggled for many months.
“The terrible part is that Chainlink has been acting in a sideways range for 483 days, more than 15 months already, and a downwards trend on the LINK/BTC pair for more than three years.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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