Benjamin Cowen Looks Into Chainlink (LINK), Identifies Key Indicators To Follow

According to a leading crypto analyst Benjamin Cowen, Chainlink (LINK) is moving back to key levels that it needs to regain after a rocky year.

Cowen shared with the 680K followers to his YouTube channel that LINK traders should closely follow whether the altcoin is above or below its “bull market support band.”

Bull market support band refers to a technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

Cowen points out that LINK’s bull market support band on Tuesday ranged from $25 to $27. LINK surpassed that level on Wednesday and is trading at $26.43 at time of writing.

Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

While LINK’s valuation against Ethereum (ETH) has tanked since August 2020, Cowen predicts that Chainlink can “claw its way out of this brutal downtrend” against ETH, as long as it breaks the LINK/ETH bull market support band.

“The key thing to watch is can it break the bull market support band?

Can it break that and at least stop the bleeding? I mean go sideways at the very least.

Just stop the bleeding and show that the opportunity cost of it is not too high.”