A pseudonymous analyst known in the industry as Pentosi says Oracle Chainlink is decentralized to 640,900 Twitter followers (Link) is one of the best looking charts in terms of high timeframes.
The Crypto Strategist also said: staking With Chainlink set to launch in December, it could be the catalyst that pushes LINK to its $12.45 target.
“People are quiet now, but I don’t think that will be the case in three or four weeks. Timeline [to target] 4-5 weeks. “
As of this writing, Chainlink is trading hands at $7.77. A move towards Pentoshi’s goal suggests a potential upside of LINK of more than 60%.
Pentosi also looks at the market capitalization of cryptocurrencies excluding Bitcoin and Ethereum. According to Pentosi, the index that tracks the value of the altcoin market appears to have hit a short-term bottom.
Crypto Strategists Predict A Local Bottom Could Rise The Index To About $456 Billion From Currently At About $387 Billion, Suggesting Significant Room For Growth Across Altcoins doing.
“Directly on top of all-time highs in 2017, everything else forms the basis of the current bear market. There is a possibility.”
Looking at Ethereum, Pentosi says Ethereum has entered a new trading range.
“Currently low range at $1,516 to $1,650 as resistance flips to support [range midpoint] It is a high price in the $ 1,783 range. “
At the time of writing, ETH is trading at $1,570, down 1.58% for the day.
As for Bitcoin, crypto strategists say they are seeing Bitcoin pull back and establish a BTC bear trap before starting a new rally.
“Wait for the $19,000 bottom bears to celebrate their first pullback in a week and punish them again.”
As of this writing, Bitcoin is worth $20,462, flat for the day.
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