Renowned analyst Benjamin Cowen has set future price targets for Chainlink’s decentralized Oracle network for 2022.
In one Strategy meeting Cowen says LINK’s price rose 113% in 2021, but his expectations of the real world data provider are much higher.
“The price started at $ 0.12 in 2017 and ended at $ 0.60. Fold about 5 times. The following year it decreased by 53%, but since then it has increased by 521% (in 2019) and 539% (in 2020). This year there was a much more modest increase of 113%.
The analyst assumes that LINK can achieve a 4-fold increase in the next year.
“I think there is a good chance that LINK will hit a new all-time high on the way into 2022.
Personally, I wouldn’t be surprised if LINK grows to $ 100, or roughly four times its current price, by 2022.
I’m still very optimistic about LINK, but I have to admit that it has underperformed many cryptocurrencies this year and in the last 18 months.
The source: Benjamin Cowen
Cowen leads the price of LINK compared to the ETH token of the leading smart contract platform. He analyzes the trading pair LINK / ETH:
“If you rate LINK / ETH, it has fallen by 87% or 88% since August 2020.
That is a significant reduction. The rating of LINK compared to ETH has to increase by around 700% in order to get back to the level of summer 2020.
Cowen says the LINK / ETH resistance break could be the catalyst for the next rally.
“The token has been below the bull market support band since October or September 2020 and has been rejected time and time again.
If the price breaks it will be a sign of a change in momentum for LINK and then possibly the start of another nice rally. “
The source: Benjamin Cowen
After looking at LINK / USD, Cowen stands firm in his claim that LINK / ETH is the most important metric.
“In my opinion, the most important areas to look out for to LINK to see a tipping point are whether the LINK / USD valuation can break above the bull market support band which is between $ 25-25.27.
But that’s not the most important part, could LINK / ETH be on the right track instead?
Basically, LINK is riskier than ETH, so it makes sense to want it to outperform ETH, or at least one oscillator. When the price goes down, you take more risk for less profit. “
At the time of writing, LINK is down 9% to $ 20.27.
This altcoin had a tough month, hitting $ 26.81 before falling to $ 17.61 and then briefly rising back above $ 24.
LINK started the year below $ 12, hitting an all-time high of $ 52.7 in May, before falling to $ 20.1 and ultimately to $ 13.88 in July.
In contrast, ETH had a breakout year, rising 422% from $ 730 to its current level of $ 3,760.
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