Benjamin Cowen Updates Chainlink Amid BTC’s Recent Uptick
A top crypto market analyst, Benjamin Cowen, is looking into Chainlink (LINK) after the recent uptick from Bitcoin (BTC) and the wider crypto market.
In a recent update in his YouTube channel, the analyst shared with his 723K subscribers that he is close following the 50-week moving average as a possible short-term goal for LINK.
“I would actually argue that getting back above the 50-week MA might be a little bit more impressive. That’s actually currently coming in at $24, and it’s where we were most recently rejected back in January of 2022.
In the event that LINK does get a nice push to the upside by, let’s say 35% or so, we would then be at the 50-week moving average and then be contending with the same area that we got rejected by just a couple of months ago.
That’s sort of what I’m looking at with regards to the LINK/USD valuation – $19 in the short term if Bitcoin can hold these levels and then if it can rally up to the 50-week MA, that’ll be where the next area I imagine of next resistance would be.”
Cowen also analyses Chainlink against Ethereum (LINK/ETH) to better understand LINK’s strength. According to him, there are signs that hint of reversal to the upside which has been forming for months now.
“It sort of seems like the LINK/ETH valuation is trying to put in a double bottom, but maybe a slightly higher low to get it basically to pop back up above the bull market support band, just like it did back in January of 2022.
It remains to be seen if it would be any more successful than the most recent attempt even if it does get that push… Can this become like a double bottom like a rounded bottom on the LINK/ETH valuation to get it to push back up and get another go at the bull market support band, which has basically been bleeding against Ethereum since August of 2020?”
According to the analyst, Bitcoin is one of LINK’s major obstacles for triggering a rally. Once BTC breaks a major point of resistance, Chainlink will have an easier time rallying, he said.
“I would argue that the main headwind right now is Bitcoin above its bull market support band but at the current time still being at least temporarily rejected by the 200-day moving average. I think that’s the main risk in the market.”
At time of writing, LINK trades at $17.41, down 1.15% on the daily chart.
