Here’s what’s next for Chainlink (LINK) shifting into 2022, according to crypto analyst Benjamin Cowen
A popular crypto analyst is investigating future price targets for the decentralized Oracle network Chainlink (LINK) on the way to 2022.
In a new strategy session, Benjamin Cowen tells his 673,000 YouTube subscribers that while Chainlink’s price rose 113% in 2021, his expectations of the real world data provider were much higher.
“It started at $ 0.12 [in 2017] and ended at $ 0.60. About 5x or so. Down 53% the following year but 521% since then [in 2019], 539% [in 2020]. And then that year it was a much more modest increase of 113%.
The analyst says he still believes that LINK can generate four times in profits next year.
“I think there is a good chance on the way to 2022, I think LINK will hit new all-time highs.
Personally, I wouldn’t be surprised if LINK climbed to $ 100 in 2022, which would be roughly four times current prices.
I’m still very, very bullish on Chainlink, but you can’t ignore the fact that it underperformed [compared to] lots Cryptocurrencies this year and in the last 18 months. “
Cowen names Chainlink’s price against leading smart contract platform Ethereum (ETH). He says about the trading pair LINK / ETH:
“If you look at the LINK / ETH rating, it’s down 87% or 88% since August 2020.
That is a significant decrease. The evaluation of LINK compared to ETH would have to increase by around 700% just to return to the valuation from summer 2020. “
The chart guru says that the breaking strength of LINK / ETH could be the catalyst that Chainlink sends at its next rally.
“It was downstairs [the bull market support band] since October or September 2020, and we keep getting rejected.
If we break it it could be a sign of a momentum shift for Chainlink and then possibly another nice rally. “
Source: Benjamin Cowed / YouTube
Cowen concludes with a look at Chainlink measured in US dollars, but remains steadfast in his claim that LINK is the most important metric compared to ETH.
“In my opinion, the most important areas for LINK to see a turnaround should of course be to see if the LINK / USD valuation is above its own support band for the Bull market that ranges from $ 25 to $ 27.
But that’s not the bigger part [which is] is the LINK / ETH rating on track?
LINK is basically … riskier than Ethereum, so it makes sense that you’d want it to outperform Ethereum, or at least be an oscillator. If it’s just bleeding, you’re taking more risk for less reward. “
At the time of writing, LINK is down 14.59% to $ 20.79.
The altcoin had a rocky last month, hitting a high of $ 26.81 before falling to $ 17.61 and then briefly climbing back above $ 24.
Chainlink started the year under $ 12 and hit one in May All time high from $ 52.70 before crashing to $ 20.10 in July and finally $ 13.88 before going back up in recent months.
In contrast, Ethereum has had a breakout year, rising 422% from $ 730 to its current valuation of $ 3,811.
Check price promotion
Source: Crypto News Deutsch