Crypto analyst and trader Michaël van de Poppe says he’s looking at a digital asset subsector that he believes could leave many traders in disbelief.
In a new tweet, Van de Poppe tells his 326,400 followers that Chainlink (LINK) along with the entire decentralized oracle space will surprise many people.
[adinserter block="1"]#Chainlink is one of the strongest assets out there, I think.
It will surprise many people.
The entire oracle section.
— Michaël van de Poppe (@CryptoMichNL) May 28, 2021
Decentralized oracles are protocols that enable blockchains or smart contracts to interact with external data sources. In addition to Chainlink, other leading decentralized oracles are Band Protocol (BAND), Decentralized Information Asset (DIA), Tellor (TRB), and API3. With the exception of LINK, which has a market cap of $11.08 billion, the four oracles are considered low-cap altcoins as they each have a valuation below $250 million.
The crypto strategist is also looking at leading smart contract platform Ethereum, which has seen its value sliced over 50% from its all-time high of $4,362. According to Van de Poppe, Ethereum must hold support around $2,000 to have a shot at igniting a strong bounce.
“The crucial area to hold for Ethereum is that entire block on the weekly timeframe. It has to hold for any potential upside.”
As for Bitcoin (BTC), the crypto trader says that from a long-term perspective, Bitcoin is still primed to print a new all-time high.
[adinserter block="1"]“When in doubt, zoom out. Bitcoin has seen similar corrections during the 2011-2014 cycle and also heavy corrections in the recent cycle. After that, massive new all-time highs.”
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