LINK Predicted To Flourish During The Next Bull Cycle: Analyst

The trader and analyst, Altcoin Sherpa, is extremely bullish on Chainlink (LINK). In an X post shared today, Altcoin Sherpa revealed that he sees LINK as one of the select few cryptocurrencies that he would contemplate acquiring and holding for an extended period of at least six months.

The analyst also shared that he is convinced that LINK is poised to exhibit substantial strength in the upcoming bull market cycle. He based his bullish predictions on LINK’s integral role as a core infrastructure supporting numerous projects as well as the fact that the project has limited competitors.

$LINK: Still 1 of the few coins that I would consider just buying a bag of and letting it sit for the next 6 months+, I think this is going to be a very strong one for next cycle. Core infrastructure for a ton of projects w. few competitors. #LINK pic.twitter.com/4MpnM8vuSB

— Altcoin Sherpa (@AltcoinSherpa) September 25, 2023

LINK’s resilience and potential were highlighted in the fact that it was one of the few altcoins that was able to secure a price increase over the past 24 hours. Data from CoinMarketCap indicated, at press time, LINK was worth approximately $7.28 after its price rose by 1.75%. This meant that LINK set a new 24-hour high price after reaching a low of $6.95.

LINK’s price increase also allowed it to strengthen against the cryptocurrency king, Bitcoin (BTC), by about 1.61% throughout the past day. Additionally, the weekly performance for LINK was boosted even further into the positive territory with a gain of 10.95%.

Daily chart for LINK/USDT (Source: TradingView)

From a technical perspective, a noteworthy bullish technical flag was recently triggered on LINK’s daily chart. Over the past 48 hours, the 20-day EMA line crossed above the 50-day EMA line. This suggested that LINK’s momentum in the past 20 days was more bullish than its momentum throughout the previous 50 days.

Furthermore, these 2 technical indicators crossing suggested that medium-term momentum has shifted in favor of buyers. If this technical flag is validated, LINK’s price may soon flip the $7.331 resistance into support. Thereafter, the altcoin’s price may continue to rise to the next resistance level of $7.920.

On the other hand, if LINK fails to close above the $7.331 resistance in the coming 24-48 hours, then it may fall back down to $6.480 in the following week. Continued sell pressure could also lead to LINK dropping below this crucial support to the subsequent benchmark at $5.706.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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