A closely followed crypto analyst believes that one altcoin built on the Ethereum (ETH) blockchain is gearing up for a bullish 2023.
In a new strategy session, Michaël van de Poppe tells his 164,000 YouTube subscribers that decentralized oracle network Chainlink (LINK) must take out its immediate resistance to ignite a massive surge.
“If Chainlink is going to crack this resistance that we have here which is the area at $7.78, that is going to be the area after which we start to accelerate, so crucial resistance before $16 for Chainlink.”
At time of writing, LINK is changing hands for $6.05. A move to Van de Poppe’s target suggests an upside potential of over 164% for the Ethereum-based altcoin.
Although Van de Poppe is bullish on Chainlink, he says that it is within the realm of possibility for the altcoin to print a fresh bear market low below $5 before it could start rallying toward his target.
“If we don’t have that support level ($6) to stay in place, I’m going to look at a test around $5. If we can’t really have a support here, we sweep it ($5) again. I’m looking at a case like this (move below $5), in which [the reclaim of $6] is the trigger for a long entry in which you start continuing to the upside.”
Looking at Bitcoin (BTC), Van de Poppe says the king crypto looks primed for a quick upswing.
“Bitcoin still holding levels here as we flipped $16,750 for support. If that holds (and no sharp fall to $16,400), I think we’ll still be able to see continuation to the upside to $17,400.”
At time of writing, Bitcoin is changing hands for $16,866.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Featured Image: Shutterstock/Jamo Images/Nikelser Kate
