How High Chainlink Will Upgrade This Cycle According to Crypto Analyst Benjamin Cowen

Crypto analyst Benjamin Cowen states that the fate of the top divination project Chainlink (LINK) depends on Bitcoin. Cowen tells his 463,000 YouTube subscribers that Bitcoin has taken over the current phase of the market. According to traders, Chainlink (LINK), like other altcoins, initially reacted to BTC's pullback last month. “LINK doesn't like Bitcoin's volatility. LINK likes that Bitcoin is immutable, and recently Bitcoin has been relatively volatile. It went from $10,000 to $64,000, we're back to $30,000, now we're at $39,000… I think LINK might go up again once this volatility calms down, but we'll have to wait a bit until that happens. LINK is trading at $23.91 at the time of writing and has dropped 22.4% in the past two weeks, according to CoinGecko. Cowen says it's one of the Oracle solutions provider's favorite projects because "It's just 'Based on testing in general' time." "It's generally going up. Sure there are periods of decline… but it's usually up, which is why I love it so much. I don't like projects that chase after that full weekend. I want to stick to projects that will stand the test of time.” The analyst also says he is optimistic about LINK, although he believes most of the asset's sudden price action will be driven by its relationship with Bitcoin's 20-week SMA (simple moving average). this cycle will exceed $55. One question is, are we going to do it this summer? I think it depends. I think it depends on what Bitcoin is doing. If Bitcoin is above the 20-week [SMA] level, I think [it] is definitely possible. If you look at how LINK has made ridiculous moves [four] times, that was in January 2018, July 2019, then August 2020, and then here in May 2021… it broke above the support band for a bull market. l Don't miss a beat – Sign up to receive crypto email alerts directly to your account.

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