Analyst Revises Projections for Chainlink, Avalanche, Fantom, and One Altcoin That Has Surged Over 700% in Just Weeks
A prominent cryptocurrency trader is providing an updated assessment of Chainlink (LINK) as the digital asset continues to experience fluctuations in its value.
The pseudonymous trader known as Altcoin Sherpa is conveying to his audience of 196,200 followers on the social media platform X that the blockchain oracle, Chainlink, is likely to remain within its current trading range for several months.
“Regarding LINK, it remains one of the most solid assets in the broader cryptocurrency ecosystem. Nevertheless, it is still displaying a pattern of price volatility. I would suggest considering a long-term investment strategy for this asset, holding it for a period exceeding six months, with the expectation of selling at a substantially higher valuation in the future. In my view, this does not make for a favorable short-term trading opportunity.”
Upon reviewing the trader’s chart, it is evident that LINK has been trading within a range with a high of $9.33 and a low of $5.53 since May 2022.
As of the time of writing, Chainlink is trading at $6.28, marking a 1.7% increase in value over the past 24 hours.
Additionally, the trader is examining layer-1 projects that have experienced a decline in prominence during the current cryptocurrency cycle. However, he anticipates that some of these projects will trade at higher values one year from now.
When discussing Avalanche (AVAX), a competitor to Ethereum (ETH), the trader’s chart indicates that AVAX is undergoing a potential retest of its lower boundary at $9.82.
At the time of writing, Avalanche is trading at $10.07, reflecting a 1.2% increase in value over the past 24 hours.
Furthermore, the trader is evaluating the smart contract platform Fantom (FTM). His analysis suggests that Fantom may experience a rebound after touching the $0.202 level, a price point it last tested nearly a year ago.
Fantom is currently valued at $0.203, representing an increase of 0.8% in the last 24 hours.
Lastly, the trader shares insights on Rollbit’s native token, RLB, which has witnessed a remarkable surge from a low of $0.0189 on June 11th to $0.154 at the time of writing, marking a remarkable 714% increase.
He speculates that RLB might undergo a decline to retest the support levels at $0.135, or potentially lower at $0.126, following its inability to sustain the $0.178 level.
“Regarding RLB, it exhibited noteworthy gains today due to a staking-related development. However, I maintain reservations about its chart’s overall outlook. For now, I will abstain from purchasing this asset.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.