Crypto analyst Benjamin Cowen has outlined the best-case scenario for a decentralized oracle network.
Cown told 710,000 YouTube subscribers that Chainlink (LINK) remains below the bull market support band, a technical indicator that combines the 20-week simple moving average and the 21-week exponential moving average.
Cowen additionally says LINK has hit its lowest levels since May 2021.
“We are approaching the end of December. We are looking to potentially break above the previous high from the summer of 2020. There are some things that need to be done for this. I won’t pretend it doesn’t exist”
LINK is trading at $15.95 at the time of writing.
Analyst says the “ideal scenario” for Chainlink is for Bitcoin (BTC) to trade above its own bull market support band, but also move sideways. The analyst highlights that all of the previous LINK price increases in July 2019, August 2020 and May 2021 occurred while Bitcoin was moving sideways above the bull market support band.
Bitcoin is trading at $42,033 at the time of writing.
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