- Crypto analyst Benjamin Cowen says that the current bear market is turning out to be a strong accumulation phase for the LINK price.
- He also added that the current macro condition is holding up LINK from performing well and once the dust settles, LINK will be ready for a strong rally.
The crypto market has remained largely volatile but some of the altcoins have delivered a strong show. But analysts have a close watch on this Ethereum-based altcoin and expect it to rally further.
One of the most popular crypto market analysts, Benjamin Cowen, shared a bullish outlook for oracle service provider Chainlink (LINK), during his recent interview with Altcoin Daily. Cowen adds that LINK is currently in a strong accumulation phase and its price will rally as the bear market ends. In his recent interview, the crypto analyst added:
A lot of the things I talk about on my channel right now are how Bitcoin dominance should go much higher. But while I say that there are always a few altcoins that outperform Bitcoin even when the dominance is going higher. And if history is any indication, at the end of a bear market and in the accumulation phase before the next bull market, Chainlink is a reasonable place to look.
Bear market hampering LINK rally
Benjamin Cowen further stated that the oracle service provider has been integrated into several projects, the recent one being its partnership with SWIFT. The Chainlink integration allows partners to enable secure data sharing and smart contracts. The analyst believes that the overall bear market conditions have been severely hampering LINK’s price recovery. He said:
Chainlink sort of acts as a backbone for a lot of cryptocurrencies.… We’ve seen over the years, just how many cryptocurrency projects it’s integrated itself into and I would argue that it provides a very valuable service in providing real-time feeds via the blockchain.
One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk and the fact that we are in fact in a bear market, but I do think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market.
LINK action headed up
Benjamin Cowen said that he would be interested in seeing how LINK manages to hold up well despite the continued downturn in the market and the chances of the U.S. economy slipping into recession.
One of the things I’m looking for is how well does LINK hold up if we do get some more fear closer to the end of the year with the Fed continuing to raise interest rates and how does it hold up against Bitcoin.
As of press time, the LINK price is trading 8% up at a price of $7.12 with a market cap of $3.5 billion. Apart from Benjamin Cowen, other crypto market analysts are also bullish on Chainlink. Popular crypto trader DonAlt shared a bullish outlook once the LINK price crosses $8.