Crypto analyst Nicholas Merten, founder of DataDash the largest cryptocurrency YouTube channel, expects huge gains for altcoins to be clocked by a bull run.
Merten says Chainlink (LINK), an Ethereum-based token that powers the decentralized oracle network, is now at the cusp of a parabolic run.
“The major thing that I’m correlating this to is the early phase of the 2017 rally. We’re starting to see a lot of the plays that are going to be similar to Ethereum – kind of the frontrunners in the market – and become some of the new large-cap plays that really lead in this cycle – are really starting to showcase and shine here. And I think Chainlink is one of them.
We’ve gotten above the resistance range here – the only question now as to whether or not this is going to hold. And what I would like to see even more is not only more volume here, in the sense of Chainlink, but also I want to see this continue climbing higher.”
At time of writing, Chainlink is the biggest gainer among the top 25 cryptocurrencies.
Currently valued at $4.430 with a marketcap of $1.62 B. Its price is 10.30% up in last 24 hours, according to Cryptolydian. Bitcoin is down 0.37% at $10,223, Ethereum is up 3.67% at $280.97 and XRP is up 3.07% at $0.334.
Merten adds, “We could start to see a really parabolic run here where prices could continue to climb higher even as Bitcoin is getting a good amount of price action over the next couple of weeks.”
In a related context, Google Cloud was actively involved in the blockchain space, as it incorporated Chainlink’s oracle middleware onto its platform in June 2019, enabling its developers to connect with smart contracts from Ethereum. Although this was a strictly technical implementation, it was viewed as a collaboration by some.
For Hedera, like other major companies, Google Cloud is taking a prominent role in governance of the project.