Renowned analyst Benjamin Cowen outlines the best-case scenario for the decentralized oracle network Chainlink (LINK).

He said that LINK remains below the bull market support band, a technical indicator that combines the 20-week simple moving average and the 21-week exponential moving average. Not only that, altcoins have been printing lower highs since May 2021.

“LINK is nearing a bottom of the range and is likely to bounce back above previous highs since summer 2020… LINK has a few hurdles to overcome.”

LINK/USD. Source: Benjamin Cowen

Chainlink is trading at $16.2 at press time, down 5.6% over the past 24 hours but up more than 9% on the week.

The analyst says the “ideal scenario” for Chainlink is for Bitcoin to trade above its own bull market support band but also move sideways.

LINK/BTC. Source: Benjamin Cowen

Cowen noted that the previous LINK rallies in July 2019, August 2020, and May 2021 all occurred while Bitcoin was moving sideways above its bull market support band.

LINK recovers as bitcoin moves sideways above the support band. Source: Benjamin Cowen

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page