A prominent cryptocurrency trader said that decentralized oracle network Chainlink (LINK) is sending bullish signals in the near term.
Ali Martinez says Tom DeMark (TD) of 59,300 followers on social media platform
Traders use the TD Sequential indicator to predict a potential trend reversal in a token based on the closing prices of the previous 13 bars or candles.
LINK is trading at $13.81 at the time of this writing. The 18th-largest cryptocurrency asset by market capitalization is up more than 4.5% in the past 24 hours, but is down nearly 21% over the past week.
Martinez also updated his outlook for Bitcoin (BTC), suggesting that the top cryptocurrency asset still has room for upside in the current bull market.
“Each Bitcoin bull cycle goes through a euphoria phase, which signals market highs. BTC has yet to see such euphoria in the current cycle!”
Martinez also pointed out that more than 27,700 BTC worth about $1.72 billion flowed into the cumulative address this week when the top cryptocurrency asset fell below $63,000.
Bitcoin is trading at $63,262 at the time of writing and is up more than 3% in the last 24 hours. It has remained down nearly 10% over the past seven days.
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