A popular crypto analyst is eyeing two key subsets of the crypto world and thinks one altcoin is primed to surge to the upside.
In a new strategy session, chart guru Michaël van de Poppe tells his 160,000 YouTube subscribers that after a lackluster 2021, data-feed service Chainlink (LINK) could carry the banner for both decentralized finance (DeFi) and oracle networks moving forward.
“A year ago we were at the exact same level as where we are right now. What does that mean? 2021 hasn’t been one of the best years for Chainlink, for oracles and DeFi.
But recently we’ve actually seen strength on the DeFi section and multiple DeFi protocols have been breaking out left and right, have been showing strength through which continuation seems very likely.
If DeFi is going to wake up nicely, Chainlink is most likely going to follow through.”
Oracles function by connecting real-world information with blockchains to execute smart contracts.
Van de Poppe notes Chainlink’s recent higher highs and higher lows against Tether (USDT) as he lays out 2022 price predictions for the crypto asset.
“If we do hold and have a higher low being made here at $19.50, we are going to attack the range highs again, and once we break through the range highs at $33 we are most likely getting ourselves into a new trend.
Then we are seeking for continuation with $77 and $120 [as] the next targets for Chainlink.”
The crypto analyst concludes his annual crypto market assessment by saying,
“2022 is the year of DeFi and the oracles.”
Chainlink is currently up over 13% on the day to $26.83. The 17th-ranked crypto asset has been surging lately, vaulting higher by nearly 41% since the start of the new year.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/phive