Cryptocurrency analyst and dealer Ali Martinez is saying that blockchain oracle Chainlink (LINK) possesses upside potential based mostly 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 instrument used to establish potential worth reversal factors that sometimes observe the exhaustion of a development.
In keeping with Martinez, LINK may go up by round 12% from the present stage if a key help space holds.
“If LINK stays above the $13.87 help, we may 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 brief time period, fellow pseudonymous analyst Altcoin Sherpa just lately expressed considerations about LINK’s incapacity to witness large rallies after constructing a base for over a 12 months.
“The scary factor is that many altcoins didn’t even run that arduous over the previous couple of months. Take a look at cash like LINK. 500-plus days in accumulation and solely a 3x – 4x acquire (relying the place you bought in) and now worth is strongly pulling again.”
LINK rallied from beneath $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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