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Experienced cryptocurrency analyst, The Flow Horse, suggests that the decentralized oracle network based on Ethereum (ETH), Chainlink‘s (LINK) notable drop could lead to a significant rebound. Furthermore, the analyst expects the rise of artificial intelligence-based altcoin, Fetch.ai (FET), to continue.
The Analyst’s Thoughts on LINK and FET
Anonymous cryptocurrency analyst, The Flow Horse, stated on their personal account on social media platform X that Chainlink’s token, LINK, seems ready to continue its upward trend after giving back the gains it made earlier this month.
In their analysis of LINK, the analyst said, “I have bought LINK again and I want to buy more. It has already retraced by 22% and even if it reaches $12, I believe we will experience a strong rebound. All open positions have been closed, yet the price remains resilient.”
The Flow Horse, who closely follows artificial intelligence-focused altcoin Fetch.ai (FET), stated that they will accumulate FET during downturns as long as the altcoin maintains its current upward trend. The analyst said, “FET is an altcoin that I will accumulate during every dip as long as it continues to stay within the upward trend. Again, artificial intelligence is the only narrative that is new.”
Analyst’s Warning: “Not Enough Capital” for Altcoins
Although the anonymous cryptocurrency analyst expects a rise in LINK and FET, they warned that there is not enough capital in the market to sustain the long-term growth of all altcoins and that many promising altcoins will eventually fade away. The Flow Horse expressed their thoughts on this matter:
One thing is clear, there is not enough capital in the market to sustain the long-term rise of altcoins. Only different high-beta assets are being passively indexed, which can be achieved until a certain ceiling is reached. In this process, you either choose altcoins that will bring you profit or you prefer to deflate the hype of some altcoins that will take too much air. The choice is yours.
