Cryptocurrency analyst Ali Martinez highlighted an important indicator in his recent analysis that points to the upward potential of Chainlink (LINK). Martinez stated that the Tom DeMark (TD) Sequential indicator is giving positive signals for LINK on the 12-hour chart. The TD Sequential indicator is commonly known as a technical analysis tool used to identify potential price reversal points following the end of a trend.
to Martinez according to, the TD Sequential indicator points to a certain pattern on LINK’s price chart, indicating bullish potential. According to the analyst, if LINK manages to maintain a significant support zone at current levels, a significant uptrend could occur.
Martinez notes that if LINK stays above current levels of support at $13.87, it could rise to around $15.50, an increase of about 12%. In this case, he predicts that altcoin investors may see a strong recovery movement.
While Martinez thinks Chainlink will rise in the short term, another analyst, Altcoin Sherpa, recently expressed concerns about LINK’s failure to witness major rallies after establishing a base for over a year.
“The scary thing is that many altcoins haven’t struggled that much in the last few months. Look at coins like LINK. “They have been in the accumulation period for over 500 days and have only achieved 3 to 4 times earnings (depending on where you enter) and now the price is pulling back strongly.”
NEWS CONTINUES BELOW
While LINK was trading below $5 in June 2023, it rose to a peak of around $22 last month.
Turning to Bitcoin (BTC), Martinez reported that whales appear to have been dormant since mid-March.
“There has been a noticeable decline in Bitcoin whale activity since March 14. The increase in whale transactions could be the spark needed to increase BTC prices!”
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