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Experienced cryptocurrency analyst Altcoin Sherpa has reported that Ethereum (ETH)-based altcoin project Chainlink (LINK) appears to be ready for a major upward explosion. Here is the analyst’s rise comment for the decentralized blockchain oracle service Chainlink (LINK) and the analysis he presented for altcoins in general.
“I Expect a Huge Explosion in Chainlink (LINK)”
Anonymous cryptocurrency analyst Altcoin Sherpa said that the decentralized oracle service Chainlink is one of the strongest projects in the industry after coming out of several months of accumulation phase. In his comment on the altcoin, the analyst said, “You had 500+ days to buy LINK and you were scared. Now you are facing the risk of missing out on all the gains. I still think it is one of the best coins/projects among all other cryptocurrencies. It will be perfect when it breaks out of this range.”
At the time of writing this article, LINK is trading at $10.24, well above the upper limit of Altcoin Sherpa’s consolidation range, with a 3.95% drop in the last 24 hours.
According to the Analyst, There is Still Time for the Altcoin Party
Altcoin Sherpa continues to be skeptical about being in an altcoin season, where many altcoins make parabolic rallies. The analyst said that to determine the altcoin season, he closely monitors Ethereum against Bitcoin (ETH/BTC) and Bitcoin dominance (BTC.D), which shows the percentage of market dominance of Bitcoin on the cryptocurrency market, to measure investors’ risk appetite for altcoins.
A relatively high BTC.D means that investors are already heavily focused on Bitcoin and that liquidity can shift to altcoins. Altcoin Sherpa noted that he is waiting for BTC.D to rise a little more before approaching the 56% level and then the altcoin party will begin:
There have been periods of altcoin seasons before… Can we have an altcoin season now? I doubt it. We need to wait for ETH/BTC, BTC.D, and another frenzy with BTC. In my opinion, BTC.D will rise a bit more and then the altcoin party will start.
