Benjamin Cowen Analyses Chainlink Price Action – “Time to Shine?”

According to Benjamin Cowen, a widely followed cryptocurrency analyst and trader, the decentralized oracle network, Chainlink (LINK) could be ripe for a climb to 3-digit highs.

In a recent YouTube video, Cowen shares with his 528K subscribers that in his opinion LINK should be hitting 3-digit levels in this market cycle.

“My speculation with LINK – and it always has been – is that we should break $100 this market cycle. And I would speculate that we go above that… We could go to several hundred dollars this market cycle. 

That will of course be highly dependent on the health of the entire market.”

At the time of writing, Chainlink is trading at $35.43 with 8.32% gains on the daily chart.

The crypto analyst points out since LINK was introduced, the time between each bull cycle has gotten shorter. Since the recovery of its previous bull cycle, which sent LINK from its former $20 all-time high to a new high of $53 in a matter of 273 days, Cowen speculates that the next cycle may only take up to 200 days to complete. A new all-time highs could come before the end of the year, he predicts.

Regardless that LINK has a tendency to underperform when Bitcoin (BTC) is rallying, Cowen analyses that Chainlink usually shines when Bitcoin holds support above the 20-week moving average, which is happening now.

“Look at the bigger picture. Recognize that LINK is, more or less, on a mission where I do believe that it will continue increasing with time. But unfortunately, LINK is one of the coins that… doesn’t tend to do as well when Bitcoin is.

It does well when Bitcoin’s kind of just hanging out, not super bearish. But if it’s above the 20-week [moving average], that’s when LINK shines. That’s where we are today.”