A widely followed crypto analyst, known as The Flow Horse, believes that one blue-chip Ethereum-based altcoin is gearing up for a significant bounce after experiencing a notable price drawdown. According to The Flow Horse, decentralized oracle provider Chainlink (LINK) is showing signs of a bullish continuation after retracing some of its recent gains earlier in the month.
The Flow Horse took to Twitter to share his insights with his 186,500 followers, expressing his confidence in Chainlink’s potential for a strong recovery. He stated, “Rebought LINK, and looking to buy more. This pulled back 22% already, and even if it goes further to $12, I think we bounce hard. Open interest is completely cooked off and price remaining afloat.” This statement reflects his belief that Chainlink has the potential to bounce back from its current price levels and continue its bullish trajectory.
As of the time of writing, Chainlink is trading at $15.07, representing a 5.29% gain over the last 24 hours. The positive price movement aligns with The Flow Horse’s optimistic outlook for the altcoin.
Shifting his focus to another altcoin, Fetch.ai (FET), which is oriented towards artificial intelligence, The Flow Horse also shared his perspective on the potential for a strong trajectory. He mentioned on Twitter, “As long as FET holds the trend I am deploying on dips. Again, AI is the only narrative that is new.” This statement indicates his intention to accumulate FET on price dips as long as it maintains its current upward trend.
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FET is currently trading at $0.514, reflecting a significant 13.5% increase over the last day. The positive price movement further supports The Flow Horse’s bullish stance on the altcoin.
While The Flow Horse is optimistic about the prospects of LINK and FET, he also cautions that not all altcoins may experience sustained rallies. He highlights the importance of capital allocation and the need to differentiate between winners and altcoins that may face downward price pressure. He stated, “One thing is pretty clear, there isn’t enough capital to keep floating alts for long. Just trying to passively index across different higher beta stuff [until they] hit a ceiling. You either pick winners or be willing to fade some stuff that is going to have a lot of air taken out.”
The Flow Horse’s insights offer valuable perspectives for crypto investors looking to navigate the dynamic and often volatile altcoin market. As the crypto space continues to evolve, it’s essential for investors to stay informed about market trends and developments to make informed investment decisions.
In addition to The Flow Horse’s analysis, it’s important for individuals to conduct their due diligence before making any investment decisions in the crypto market. The cryptocurrency market is known for its high volatility, and investments in digital assets carry inherent risks. Therefore, investors should carefully assess their risk tolerance and seek professional advice if needed.
As the crypto market continues to capture the attention of investors and enthusiasts, insights from analysts like The Flow Horse provide valuable information to help navigate the complex and rapidly evolving landscape of digital assets. By staying informed and exercising caution, investors can make more informed decisions when participating in the cryptocurrency market.
In conclusion, individuals interested in the crypto market should consider a multi-faceted approach that includes staying updated with the latest market trends, conducting thorough research, and seeking guidance from trusted sources to make well-informed investment decisions. The insights provided by experienced analysts like The Flow Horse can supplement this approach, offering valuable perspectives on specific altcoins and the broader cryptocurrency market dynamics.
