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 decentralized oracle network Chainlink (LINK).
According to Pentoshi, LINK is showing 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.”
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 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 smart contract to participate, thereby reducing the supply of 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 just a downtrend, trading in a well defined seven-month horizontal range.”
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Featured Image: Shutterstock/herryfaizal/Natalia Siiatovskaia