Earlier this week, crypto analyst/influencer Elliot Wainman, the owner/host of YouTube channel “EllioTrades Crypto”, told his over 300K subscribers that — according to his technical analysis — Chainlink seems set to go much higher against Bitcoin, which could lead to “an explosion of the oracle coins.”

On April, Wainman said that the LINK/BTC trading pair looked “primed AF.” The popular trader predicted that a parabolic move for Chainlink would generate a bullish rally for all low-cap oracles coins. 

Then in a video released on his YouTube channel on April 21, Wainman explained how Chainlink creates a ripple effect in the markets to benefit certain altcoins, he said:

If you look at the Bitcoin vs. LINK chart… you can see that [LINK] is setting up here and it’s really bounced off the lows, reaccumulated and is getting ready for another bullish movement up towards its prior highs. And if it does this, this is going to be a huge growth in the LINK value. And whenever that happens, whenever LINK expands dramatically, it paves the way for an explosion of the oracle coins. It just so happens that LINK tends to be a tip of the spear for DeFi in general.

Two such oracle coins that he named as potentially candidates for “great gains” were Oraichain ($ORAI) and OptionRoom ($ROOM):

I do believe that as Chainlink (LINK) picks up and up that this will lead to a huge swell. And some of these oracle coins, especially some of these lower-cap ones, will do incredibly well… I am looking at Oraichain and OptionRoom as two of the lower-cap options here that might do some great gains, though to be honest, I believe all of the oracles will stand to be very bullish once LINK picks up and to the right.

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.