A prominent crypto strategist recently provided insights into the price potential of two specific cryptocurrencies, while also discussing the current state of the US Dollar Index (DXY) and its potential impact on the crypto market. In a series of tweets, the pseudonymous trader known as Bluntz shared their views on the altcoin Ocean Protocol (OCEAN) and decentralized oracle provider Chainlink (LINK).
Bluntz began by expressing their belief that Ocean Protocol, a data-sharing digital asset with a focus on artificial intelligence (AI), is primed for a breakout. They noted that there are “beautiful high timeframe setups all across the board” and predicted that the AI narrative will resurface, leading to a significant surge in OCEAN’s price. According to Bluntz, this altcoin has the potential to double in value, representing a 100% move higher.
OCEAN, currently trading at $0.381, has experienced a slight 1.5% increase in value over the past 24 hours. Bluntz’s optimistic outlook on OCEAN is supported by the fact that it has yet to experience a significant price increase, suggesting that there is still room for growth.
Moving on to Chainlink (LINK), Bluntz believes that it is ready to catch up to its competitor Solana (SOL) in terms of price performance. They pointed out that LINK has undergone a reset in terms of its Relative Strength Index (RSI) and completed a sideways flat correction. This indicates that the next leg up for LINK is on the horizon, according to Bluntz. Solana, on the other hand, has witnessed a 25% increase in price since October 28th.
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At the time of writing, LINK is trading at $10.95, showing only fractional increase during the last 24 hours. Meanwhile, SOL is trading at $39.22, reflecting a 6.7% decrease within the same time frame. Bluntz’s prediction suggests that LINK has the potential to catch up to SOL in terms of price performance.
Bluntz also discussed the US Dollar Index (DXY), which tracks the value of the US dollar against foreign currencies. They noted that the DXY has shown signs of distribution, indicating a potential top. This development could be favorable for risk assets, including cryptocurrencies, over the next six months. Bluntz suggests that if the DXY drops below 105 and trades below its current range, it would create a conducive environment for risk assets such as crypto to thrive.
In conclusion, Bluntz’s analysis highlights the potential price increase for Ocean Protocol and Chainlink, fueled by the resurgence of the AI narrative and catching up to its competitor Solana, respectively. Moreover, the potential decline in the US Dollar Index could be an encouraging factor for the overall crypto market in the coming months. However, it’s important to note that these predictions are based on the trader’s opinions and speculations, and investors should conduct their own research before making any investment decisions.
As always, it is advisable for individuals to exercise caution and perform thorough due diligence before engaging in high-risk investments in cryptocurrencies, as the market can be volatile. The Daily Hodl, where this information was sourced, emphasizes that it does not provide investment advice and advises readers to take responsibility for their own transfers and trades.
