A well-known cryptocurrency trader has indicated that Chainlink (LINK), a decentralized oracle network, is showing a positive signal for short-term growth. Ali Martinez, who has a substantial following on the social media platform X, has observed that the Tom DeMark Sequential indicator recently issued a buy signal for LINK on the daily chart. This suggests the possibility of a one to four-day upswing in the price. The TD Sequential Indicator is commonly used by traders to predict potential trend reversals based on the closing prices of the previous 13 bars or candles.
As of now, LINK is trading at $13.81. Despite experiencing a 4.5% increase in the past 24 hours, it has seen a decline of nearly 21% over the past week. Martinez has also shared his perspective on Bitcoin, stating that the leading cryptocurrency still has room to grow in the current bull market. He points out that each Bitcoin bull cycle goes through a euphoric phase that signals a market top, and BTC has yet to reach that level of euphoria in the current cycle.
In addition, Martinez highlights that when the price of Bitcoin dropped below $63,000 this week, over 27,700 BTC, equivalent to approximately $1.72 billion, flowed into accumulation addresses. This suggests that investors are taking advantage of the price dip to accumulate more Bitcoin.
As of now, Bitcoin is trading at $63,262, reflecting a 3% increase in the past 24 hours. However, it has seen a decline of nearly 10% over the past seven days.
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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. It is important to note that all transfers and trades are undertaken at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not provide recommendations for buying or selling cryptocurrencies or digital assets, nor does it act as an investment advisor. Readers should be aware that The Daily Hodl engages in affiliate marketing activities.
