Cryptocurrency analyst and trader Ali Martinez is saying that blockchain oracle Chainlink (LINK) possesses upside potential based on the readings of one indicator.
Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is “flashing” a bullish signal for LINK on the 12-hour chart.
The TD Sequential indicator is a technical analysis tool used to identify potential price reversal points that typically follow the exhaustion of a trend.
According to Martinez, LINK could go up by around 12% from the current level if a key support area holds.
“If LINK stays above the $13.87 support, we could see a strong rebound to $15.50.”
Chainlink is trading at $13.90 at time of writing.
While Martinez is bullish on Chainlink over the short term, fellow pseudonymous analyst Altcoin Sherpa recently expressed concerns about LINK’s inability to witness massive rallies after building a base for over a year.
“The scary thing is that many altcoins didn’t even run that hard over the last few months. Look at coins like LINK. 500-plus days in accumulation and only a 3x – 4x gain (depending where you got in) and now price is strongly pulling back.”
LINK rallied from below $5 in June of 2023 to a high of around $22 reached last month.
Turning to Bitcoin (BTC), Martinez says whales appear to be in a slumber since mid-March.
“Since March 14th, there’s been a noticeable dip in Bitcoin whale activity. A surge in whale transactions could be the spark needed to boost BTC prices!”
At time of writing, BTC is trading for $63,575.
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