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A widely followed crypto analyst says that one blue-chip Ethereum-based (ETH) altcoin is gearing up for a bounce after a significant price drawdown.

Pseudonymous crypto trader The Flow Horse tells his 186,500 followers on the social media platform X that decentralized oracle provider Chainlink (LINK) looks set for a bullish continuation after retracing its gains earlier this month.

“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.”

Source: The Flow Horse/X

Chainlink is trading for $15.07 at time of writing, a 5.29% gain during the last 24 hours.

Moving on to the artificial intelligence-focused altcoin Fetch.ai (FET), the crypto analyst says that as long the digital asset holds its current uptrend, he’ll be accumulating the coin on dips.

“As long as FET holds the trend I am deploying on dips. Again, AI is the only narrative that is new.”

Source: The Flow Horse/X

FET is trading for $0.514 at time of writing, a 13.5% increase during the last day.

Although the pseudonymous analyst is bullish on LINK and FET, he highlights that there doesn’t appear to be enough capital to keep all altcoins rallying for long and that many will eventually deflate.

“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.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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