Top Analyst Says This Ethereum (ETH)-Based Altcoin Still a Great Opportunity, Breaks Down Bouncing Bitcoin

A widely followed crypto analyst believes one popular Ethereum (ETH)-based blockchain oracle is still an excellent opportunity for traders.

Crypto trader Michaël van de Poppe tells his 656,500 Twitter followers that Chainlink (LINK), trading for $6.42 at time of writing, is still a “great” opportunity for traders.

“Chainlink at $6 is still a great opportunity.

Nothing changed.”

Chainlink is a cryptocurrency designed to incentivize the use of the Chainlink network which connects smart contracts and allows any blockchain to access real-world data. LINK is used to pay for Chainlink’s oracle service. The network gives users access to all kinds of data sources – from bank payments to web API data – supporting smart contracts across multiple industries and supply chains.

Looking at altcoin market dominance, a measure of altcoin strength against Bitcoin (BTC), Van de Poppe suggests that now is a good time to make long trades on altcoins.

“Altcoins are getting there.

Marked down this level as the first important level for a potential bottom (altcoins against BTC).

Slight bounce for now, must need more confirmation. 

Accumulate and have a long-term perspective!”

Diving deeper into BTC, down 3.3% in the last 24 hours and 10% in the last seven days, the trader says the king crypto is in a position for longs.

“Bitcoin back to the range lows, which means that we’re looking at potential long entries. 

I’ve mentioned $26,800 before and we’re there, again. 

Preferably; sweep of this level to $26,500 and then a reclaim of $26,800 is a long trigger.”

Even though BTC is showing weakness, Van de Poppe is still hopeful Bitcoin can reclaim higher levels.

“Bitcoin is showing weakness and altcoins are slightly bouncing in their BTC pairs as they have been retracing significantly. 

Overall, I’m looking at a case that we need to reclaim $26,500-26,800 before hitting longs (mentioned yesterday).

Otherwise, $25,000.”

BTC is worth $26,328 at time of writing.

 

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Featured Image: Shutterstock/INelson