Cryptocurrency analyst and dealer Ali Martinez is saying that blockchain oracle Chainlink (LINK) possesses upside potential primarily based on the readings of 1 indicator.
Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator is “flashing” a bullish sign for LINK on the 12-hour chart.
The TD Sequential indicator is a technical evaluation device used to determine potential value reversal factors that usually comply with the exhaustion of a development.
Based on Martinez, LINK might go up by round 12% from the present stage if a key help space holds.
“If LINK stays above the $13.87 help, we might see a powerful rebound to $15.50.”
Chainlink is buying and selling at $13.90 at time of writing.
Whereas Martinez is bullish on Chainlink over the quick time period, fellow pseudonymous analyst Altcoin Sherpa not too long ago expressed issues about LINK’s incapability to witness large rallies after constructing a base for over a yr.
“The scary factor is that many altcoins didn’t even run that arduous over the previous few months. Take a look at cash like LINK. 500-plus days in accumulation and solely a 3x – 4x achieve (relying the place you bought in) and now value is strongly pulling again.”
LINK rallied from under $5 in June of 2023 to a excessive of round $22 reached final month.
Turning to Bitcoin (BTC), Martinez says whales seem like in a slumber since mid-March.
“Since March 14th, there’s been a noticeable dip in Bitcoin whale exercise. A surge in whale transactions may very well be the spark wanted to spice up BTC costs!”
At time of writing, BTC is buying and selling for $63,575.
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