Cryptocurrency analyst and trader Ari Martinez claims that blockchain oracle Chain Link (LINK) could be on the rise based on the readings of some indicators.
Martinez told his 60,600 followers on social media platform X that the Tom DeMark (TD) Sequential Indicator is "flashing" a bullish signal for #LINK on the 12-hour chart.
The TD Sequential Indicator is a technical analysis tool for identifying price reversal points, usually after a trend has ended.
According to Martinez, if a key support zone holds, LINK could rise about 12% from current levels.
If LINK breaks above the $13.87 support level, we could see a strong rebound to $BTC At the time of writing, #Chainlink shares are trading at $BTC While Martinez holds bullish views on Chainlink in the short-term, his colleague, pseudonymous altcoin analyst Sherpa, recently expressed concern that after more than a year of building a base, LINK has yet to witness a major rally.
"What's scary is that many #altcoins haven't even been that strong in the past few months - look at a coin like LINK, which was able to triple or quadruple its gains (depending on where you entered it) in over 500 days of accumulation, and now the price is bouncing back hard.
LINK's price has risen from less than $5 in June 2023 to a high of about $22 last month.
Turning to #bitcoin (BTC), Martinez says the whale seems to have been sleeping since mid-March.
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