At a time when altcoin investors are anxiously wondering what’s going to happen next, closely followed cryptocurrency analyst Kevin Svenson has revealed that he expects a significant rise in Chainlink (LINK), the leading decentralized oracle service. Svenson believes that LINK will make a big move when the altcoin market wakes up.
MACD Signals Bullish on LINK
Cryptocurrency analyst Kevin Svenson noted that LINK’s Moving Average Convergence Divergence (MACD) indicator foreshadowed an unexpected upward move. The MACD is a technical indicator that traders follow closely as it signals changes in the trend.
Pointing to the current state of the technical indicator and the move it is about to make, Svenson said, “Chainlink’s monthly MACD indicator is about to make its first bullish cross since late 2020. LINK will make a surprise rally.”
According to data provided by crypto data platform CoinMarketCap, LINK is trading at $6.67, down 3.92 percent in the last 24 hours at the time of this writing.
He Expects the Altcoin Market as a Whole to Take Flight
Svenson also mentioned Pepe (PEPE), which has been single-handedly occupying the cryptocurrency agenda for a while now, saying that an influx of capital from the popular memecoin into larger cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) could send the whole market flying:
If profits from PEPE start flowing into BTC and ETH, the whole market will rocket… You forget how much leverage can be used. Half a billion dollars means billions of dollars of volume.
PEPE has become the talk of the cryptocurrency world, rising over 5,000 percent in a short period of time, and market observers expect the speculative euphoria to continue to heat up.
Svenson also predicts that the next move of the Bitcoin price will surprise many. According to the analyst, who previously announced that he expects a rally of up to $ 48,000, this activity will spark a new bullish season in altcoins:
Bitcoin is currently forming a higher bottom along our parabolic curve and this could create the next big nudge towards $48k. This means that Bitcoin could in theory rise another 65 percent from here to the next target level of $48,000. That 65 percent move, if it actually happens, would be a tremendous opportunity.
