Decentralized Oracle Network Chainlink Align Technicals and Fundamentals. Rally for Ethereum-Based Altcoin Coming!

1 min read

The crypto strategist who called the end of last year’s Bitcoin (BTC) bull market is predicting a surge for an Ethereum-based altcoin.

The pseudonymous analyst known in the industry as Pentoshi tells his 657,500 Twitter followers that the technicals and fundamentals are aligning for the decentralized oracle network Chainlink

According to Pentoshi, LINK shows relative strength, with a big fundamental catalyst coming in a few weeks.

“LINK has had a strong recovery and also never made new lows despite all that happened and has managed to hold its range lows. With staking coming up in the next two weeks, I feel it has a great chance to outperform.” 

Image
Source: Pentoshi/Twitter

Looking at the analyst’s chart, he predicts a slight dip to the $6.60 level for LINK before rallying toward his target of $9.63. At the time of writing, LINK is switching hands for $6.72, suggesting an upside potential of over 43% for the decentralized oracle.

According to a recent Chainlink blog post, beta staking for LINK is slated to go live on the Ethereum (ETH) mainnet on December 6th. Staking allows LINK holders to earn rewards for helping to increase the security of Chainlink’s oracle services. Holders will have to commit their Chainlink tokens in a smart contract to participate, reducing the LINK available for sale.

Although Pentoshi is bullish on LINK, fellow crypto strategist Cheds highlights that the 23rd-largest crypto by market cap is still trading within a wide range.

“LINK plenty of buzz on my timeline. For context, it’s still a downtrend, trading in a well-defined seven-month horizontal range.” 

Image

Source: https://dailyhodl.com/2022/11/28/top-analyst-predicts-big-rally-for-one-ethereum-based-altcoin-says-crypto-catalyst-coming-in-two-weeks/

Disclaimer

Although the material contained in this website was prepared based on information from public and private sources that AMPRaider.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and AMPRaider.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.

Have A Story? Get Featured On Ampraider Plus 100+ More Exclusive Crypto News Sites