The crypto strategist, who correctly predicted the end of last year’s Bitcoin (BTC) bull market, expects a rally for an Ethereum-based altcoin. announced.
The pseudonymous analyst, known in the industry as Pentoshi, thinks that the technical and fundamental information for the decentralized oracle network Chainlink (LINK) aligns for bullishness. According to Pentoshi, LINK is showing strength with the arrival of a major key catalyst in a matter of weeks.
“LINK has had a strong rebound and despite all that has never dropped to new lows and has managed to maintain its low range. With staking to be revealed in the next two weeks, I feel there is a good chance of outperforming.”
Looking at its chart, he predicts a slight drop to $6.60 for LINK before recovering towards its target of $9.63. At press time, LINK is trading at $6.81, indicating the altcoin price has the potential to increase by over 41%.
According to a recent Chainlink blog post, beta staking for LINK is scheduled to go live on the Ethereum (ETH) mainnet on December 6. Coin holders will have to lock their Chainlink in the smart contract to participate in the staking event, thus reducing the supply of LINKs available for sale. In addition, LINK holders will be able to secure their network thanks to the staking feature and simultaneously collect LINK as a reward.
In addition, it is worth noting that not all market experts expect a rise for the altcoin. While Pentoshi is optimistic about LINK, fellow crypto strategist Cheds says the 21st-largest crypto by market cap still trades in a wide range. emphasizes.
“For context, LINK is trading within a well-defined seven-month horizontal range, which is still just a downtrend.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.