Analyst Says An Ethereum-Based Altcoin Is Setting Up For A Potential 100X Rally As The Crypto Market Consolidates

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Analyst Says An Ethereum-Based Altcoin Is Setting Up For A Potential 100X Rally As The Crypto Market Consolidates

Chainlink (LINK) could see short-term losses while setting up for even bigger returns down the road, says a popular cryptocurrency analyst. Crypto trader Kevin Svensson told his 109,500 Twitter followers that if Ethereum (ETH) drops to the $500-$700 range, LINK will correspondingly drop to the $2.00-$3.00 zone.

At the time of this writing, Chainlink, the 24th ranked crypto asset by market cap, is trading for $6.61. The Ethereum-based decentralized data feed and oracle platform is down more than 2% in the past 24 hours. At the time of writing, Ethereum was priced at $1,196, down about 1% on the day. Svensson believes that the overall crypto bear market will continue in the short term. “The devastating domino effect we have seen in this crypto bear market has been historic.

An over-leveraged market starting with LUNA is creating downside pressure, BTC miners surrendering, then it plummets into one after another, falling lending platforms. It's hard for me to believe that this will all end without causing more pain now. Maybe there's still more blood to come. But the good news is that such events are common markers of the bottom of a cycle. Just depends on where/when exactly that will happen."

Chainlink, Crypto Analyst, Crypto Trader, Crypto Asset, Crypto Bear Market, LUNA, Ethereum, Cryptocurrency

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