Benjamin Cowen, a popular crypto strategist and trader, examines the state of Chainlink (LINK) to see if the decentralized Oracle network is ready to ignite its uptrend.
In a new strategic session, Cowen told 685,000 YouTube subscribers that Chainlink is “light” when the crypto market is bearish.
According to Cowen, Chainlink’s performance is inversely correlated with Bitcoin (BTC) pricing behavior.
“One of the things we asked ourselves in 2019 and 2020 was that we knew that LINK would work well when Bitcoin was bearish and Bitcoin was flat. I don’t know what LINK will do when Bitcoin is bullish. This answers the question. If you didn’t know before, all the questions are now set aside. Bitcoin If is bullish, LINK / Bitcoin is likely to bleed. “
Cohen also said that with Bitcoin pulling back more than 40% from its record high of about $ 69,000, Chainlink is now in a position to start a bullish cycle against major cryptocurrencies (LINK / BTC). increase.
“You can see that we actually broke out (LINK / BTC). We rushed upwards. That’s what it looks like on a logarithmic scale … So, whether you look at the market like that or on a logarithmic scale. It can be said that it is still breaking. Of course, I would like to take a weekly holiday. I do not want to just make it the core. “
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Featured image: Shutterstock / Tithi Luadthong