A popular crypto trader is updating his outlook on Chainlink (LINK) as the digital asset continues to chop around.
Pseudonymous trader Altcoin Sherpa tells his 196,200 followers on the social media platform X that blockchain oracle Chainlink is likely going to take months before breaking out of a persistent trading range.
“LINK: still one of the best coins in terms of overall crypto infrastructure, but it is still one that is chopping around.
Would consider just buying this one and letting it sit for six months-plus and then selling it much higher later. This isn’t a good active trade in my opinion.”
Looking at the analyst’s chart, LINK has traded in a range with a high of $9.33 and a low of $5.53 since May 2022.
Chainlink is trading for $6.28 at time of writing, up 1.7% in the last 24 hours.
The trader is also looking at layer-1 projects, which have dropped in prominence throughout the current crypto cycle. However, he predicts some will be trading for higher values from their current prices a year from now.
Weighing in on Ethereum (ETH) competitor Avalanche (AVAX), the trader’s chart shows AVAX is retesting a potential bottom at $9.82.
Avalanche is trading for $10.07 at time of writing, up 1.2% in the last 24 hours.
Next, the trader looks at smart contract platform Fantom (FTM). His chart suggests Fantom could bounce after touching the $0.202 level, which it last retested nearly a year ago.
Fantom is worth $0.203 at time of writing, up 0.8% in the last 24 hours.
Lastly, the trader weighs in on the crypto gambling platform Rollbit’s native token RLB, which has soared from a low of $0.0189 on June 11th to $0.154 at time of writing, a 714% increase.
He predicts RLB could decline to retest the support level at $0.135, or even lower at $0.126, after failing to hold the $0.178 level.
“RLB: Had nice moves today due to the stake hack but I still think the chart itself looks like crap. I’m going to hold off on buying this one for now.”
Generated Image: Midjourney