An Ethereum-based (ETH) altcoin is likely facing a final leg to the downside before it doubles in price, according to a popular crypto analyst.
Crypto strategist Michaël van de Poppe tells his 668,000 followers on the social media platform X that the decentralized oracle provider Chainlink (LINK) is due for a final correction and a subsequent breakout.
According to van de Poppe, 2024 should be a significant year for Chainlink that sees it land somewhere in the $12-$15 range.
“The final correction for Chainlink before we’ll break out of this range.
The markets are still heating up for a big breakout, and if cycles do take place, 2024 is going to be a big year for LINK.
Expecting to see some retests around $7 to be bought, before $12-15.”
LINK Is trading for $7.67 at time of writing. A surge to van de Poppe’s predicted price range would represent a 56% to 95% increase.
The crypto trader goes on to note that while altcoins had a substantial correction, Bitcoin (BTC) is consolidating. However, van de Poppe expects “trendy coins” to continue showing momentum despite the altcoin correction as long as BTC consolidates.
Lastly, van de Poppe says that the top crypto asset by market cap could rally to $30,000 as long as it can successfully retest the $26,700-$26,900 range.
“Few levels of importance for Bitcoin here. Holding above $27,200 would be substantial for upwards continuation, but preferably is a retest at $26,700-26,900 before we’ll continue the rally to $30,000. Sentiment flipped quite fast.”
Bitcoin is trading for $27,426 at time of writing.
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