Crypto analyst Benjamin Cowen, blockchain oracle network Chainlink (LINK) He thinks the price is below what it should be.
Cowen tells his 582,000 YouTube subscribers that LINK, the decentralized network’s native token, has long been one of its biggest assets. He believes LINK will continue to rise in value over time, but also notes that the cryptocurrency has not risen as fast as other altcoins it has followed.
Cowen says this is because Chainlink takes a unique path compared to other crypto assets:
“Over time, LINK gains in value. It seems to act almost independently of the rest of the crypto asset class. For example, how many assets gained in a bear market? Not a lot.”
How many assets hit a new all-time high in 2019, which is higher than the all-time highs they reached in 2017 and 2018? [ATH] determined? Not so much, Bitcoin [BTC] or Ethereum [ETH] he couldn’t even do that. LINK also experienced a summer bubble in August 2020, and then made a nice move to May 2021.”
At the time of writing, LINK is changing hands at $29.46, up 30% from last month, according to CoinGecko data. Ranked 14th by market cap, the asset is still trading 44 percent below its all-time high of $52.70, which it reached in May.
Cowen, Chainlink; He said that LINK is trying to hold on to the bull market support band, which is a combination of its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA):
“If it holds, which I believe will happen, then maybe we can see a rally to all-time highs.”
Cowen also points out the fact that LINK/USD longs have been rising recently:
“I look at it and say, ‘Is this a bearish trend?’ you may wonder. The best thing I can think of is to look at what happened the last time the long positions took off.
They were last returned to these levels in late December and early January. Back then, it was perhaps the 5x move that started LINK’s journey from $10 to nearly $55.”
On December 31st of last year Chainlink (LINK)It was trading between $11 and $12.
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.