Analyst: “Chainlink May Increase More Than 43%”
Correctly predicting the end of the Bitcoin (BTC) bull market last year, crypto analyst Pentoshi predicted a spike for an Ethereum (ETH)-based altcoin. In a post on Twitter, the analyst said that the technical and fundamental information for the decentralized oracle network Chainlink (LINK) aligns. According to Pentoshi; Chainlink (LINK) is showing relative strength with the arrival of a major key catalyst in a matter of weeks. In his statement on the subject, the analyst used the following statements:
“Chainlink (LINK) has had a strong rebound and despite all that has never hit new lows. I feel there is a good chance the cryptocurrency will outperform with staking to appear in the next two weeks.”
The analyst predicts that Chainlink (LINK) price could first decline slightly towards the $6.60 level and then recover towards its target of $9.63. Chainlink (LINK) price is changing hands at $6.72 at the time of writing, suggesting a more than 43 percent upside potential for decentralized oracle.
According to a recent Chainlink (LINK) blog post, beta staking for the said network is scheduled to go live on the Ethereum (ETH) mainnet on Dec. Staking allows Chainlink (LINK) holders to earn rewards for helping improve the security of oracle services.
Chainlink (LINK) holders will have to commit Chainlink (LINK) tokens in the smart contract to participate, thus reducing the supply of Chainlink (LINK) available for sale.
Pentoshi seems optimistic about Chainlink (LINK). Another cryptocurrency analyst, Cheds, pointed out that the 23rd largest cryptocurrency by market cap is still trading in a wide range. Cheds said:
“There are a lot of rumors on my Chainlink (LINK) timeline. In terms of context, there is still only a downtrend. It is trading within a well-defined 7 month horizontal range.”
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