A chainlink parabolic rally is highly likely to happen according to analysts as it was severely underperforming BTC as of late as we can see more in today’s Chainlink news.
This is not uncommon for crypto as it often trends independently from the rest of the market seeing some of its bigger rallies during the strong bearish market seen over the past few years. The growth from a smaller ICO to a multi-billion dollar project was incredible and many think that the future looks even better. Chainlink was severely underperforming BTC as of late despite the enormous loyal community and its strong fundamentals.
There will be a capital rotation even away from BTC and towards the smaller altcoins allowing the tokens such as Chainlink to see more upsides. This is a possibility that according to analysts, is highly likely. At the time of writing, Chainlink is trading down lower than 4% at its current price of $11.29 and it also lost some serious ground against BTC with more signs of immense weakness on the BTC trading pair. The crypto established the lower $11.00 region with a strong support zone but it continued dropping which suggests that the level could soon break.
The weakness seen on the BTC trading pair could also inhibit the growth against USD making it important for it to gain some ground against the number one cryptocurrency in the near-term. One analyst also pointed to chainlink’s BTC trading pair to show how weak the crypto has been as of late. He noted that the longer it drifts lower against BTC with the more potential to see a massive rebound once the aggregated altcoin market turns around:
“LINK: Link/BTC could double against BTC and it would still only be a bearish retest. Kind of crazy to think about. The more it dumps the more potential a long has once alts do turn up again. Just gotta be patient till then.”
The Chainlink parabolic rally looks highly likely but for now, BTC remains the leader of the market, and altcoins will unlikely gain short-term ground against it. However, this could change and the capital will rotate to the altcoins once it entered the prolonged consolidation phase.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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