Crypto analyst Benjamin Cowen thinks that the blockchain oracle Chainlink (LINK) is undervalued.
Cowen tells his 582,000 YouTube subscribers that the decentralized community’s native token, LINK, has been certainly one of his high holdings for a very long time. He predicts LINK will proceed to pattern up with time, although he notes it hasn’t been surging in addition to different altcoins he follows.
Cowen says that’s as a result of Chainlink follows a singular path in comparison with different crypto belongings.
“Over time, LINK features worth. It nearly appears to maneuver totally different than the remainder of the crypto asset class. I imply, what number of belongings had been shifting up through the bear market? Not very many.
What number of belongings put in a brand new all-time excessive [ATH] in 2019 above their 2017/2018 all-time highs? Not very many, not even Bitcoin [BTC] or Ethereum [ETH]. LINK additionally had a summer time bubble again in August of 2020, after which it made a pleasant transfer into Might of 2021.”
LINK is buying and selling at $32.78 at time of writing, up 33.5% up to now month, in accordance with CoinGecko. The Thirteenth-ranked asset by market cap hit its all-time excessive of $52.70 in Might.
Cowen says Chainlink is trying to carry its bull market assist band, which is a mix of LINK’s 20-week easy shifting common (SMA) and 21-week exponential shifting common (EMA).
The analyst says,
“If it holds, which I feel there’s an honest probability [of], then perhaps we’ll see a rally to new all-time highs.”
Cowen additionally notes that LINK/USD longs have surged just lately.
“You may take a look at that and say, ‘Effectively, is {that a} bearish factor?’ The most effective factor I feel to do is look to see what occurred final time the longs skyrocketed.
The final time they went to those ranges was again on the finish of December and early January. At that section, that’s what kind of kick-started LINK’s journey from perhaps $10 as much as about $55, so it was a 5x transfer.”
LINK was buying and selling between $11-$12 on December thirty first of final yr.
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