A widely followed crypto analyst says an Ethereum-based (ETH) altcoin is gearing up for a rebound after a significant price drop.
Pseudonymous crypto trader The Flow Horse tells With its 186,500 followers on social media platform
“Bought LINK again and want to buy more. This already pulled back 22%, and even if it goes further to $12, I think we are making a solid jump. The open interest has completely boiled off and the price remains floating.”
Chainlink is trading at $15.07 at the time of writing, a gain of 5.29% over the past 24 hours.
We continue with the artificial intelligence-focused altcoin Fetch.ai (FET), the crypto analyst say that as long as the digital asset maintains its current uptrend, he will accumulate the coin on dips.
“As long as FET maintains the trend, I will bet on dips. Again, AI is the only story that is new.”
FET is trading at $0.514 at the time of writing, up 13.5% over the last day.
Although the pseudonymous analyst is bullish on LINK and FET, he is highlights that there doesn’t seem to be enough capital to keep all altcoins rising for long and many will eventually deflate.
“One thing is pretty clear: there isn’t enough capital to keep alts floating for long. I’m just trying to passively index on different higher beta things [until they] hitting a ceiling. You either pick winners, or you are willing to let things fade away where a lot of air is lost.’
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Generated image: Midjourney