Can ChainLink grow 80%?

By Roberto D. | CryptoFarm | 11 Jul 2020

LINK, an altcoin that powers Chainlink's decentralized network, is currently achieving better performance than its main rivals, including Bitcoin, in terms of exchange rates. Not only that: some analysts say they are so convinced that the strength of LINK will continue also in the near future to bet that the cryptocurrency will grow by at least 80% of its value. But why?

According to analyst Cole Garner, Chainlink's LINK token is in the midst of a series of technical and fundamental indicators that suggest further gains for altcoin in the short to medium term.

Already in the past few hours, what is the twelfth most capitalized digital currency in the world has set new records, thus leading its annual returns to 182.69 percent. The LINK rally appeared during a bullish move across the currency market, which saw its peers Cardano (ADA) and VeChain (VET) rise 270 percent and 250 percent year on year.

Of course, this strong bullish push was not sustained for long, and most of these bullish altcoins hinted at retracements in the hours that followed. LINK itself sold 4.54 percent. However, the positive mid-term assessments do not appear to have been affected by this.

For Garner, however, the Chainlink token is forming small bullish parables within a large parabola, taking its cue from its significant upward moves last year. Garner placed the bullish trend of 2019 on a Fibonacci retracement chart, illustrating a fractal repeat in the current scenario and thus discovering that LINK's resistance target has increased by at least 50 percent compared to the current one. Meanwhile, the best scenario involves an 80% increase in LINK / BTC - to 94,457 sats.

In addition to these technical aspects, there would be several fundamental elements to support a positive evaluation of LINK such as, for example, the fact that traders are increasingly preferring to keep the LINK cryptocurrency in their wallets, since they are obviously optimistic about its future development.

What do you think about it? Did you know ChainLink?

Thanks for reading and see you next time!

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