#Chainlink #Crypto #Cryptocurrency #Blockchain #Investing #Altcoins #TechnicalAnalysis #MarketPrediction
Chainlink (LINK) has been catching the eye of investors and analysts alike, notwithstanding its recent 7.63% dip in market price over the past week, as per CoinMarketCap data. This downturn has not dampened the spirits of the crypto community, who remain optimistic about the altcoin’s future. Prominent among them, crypto analyst Michaël van de Poppe has put forth an encouraging prognosis, suggesting that LINK could potentially double its current market price in the upcoming months. This forecast stems from a detailed analysis Van de Poppe shared, notably after Chainlink marked a robust 32.77% increase in value earlier in February, which pushed its trading price beyond the $20 benchmark.
However, Chainlink’s journey hit a snag when it failed to surpass a critical resistance level set at 0.00480 BTC. This impasse pointed towards a lack of breakout momentum for the cryptocurrency. Nonetheless, Michaël van de Poppe interprets this phase as a preparatory ground for Chainlink, as he expects the altcoin to establish a higher low, which traditionally signals a bullish trend that could either reverse or sustain an upward trend. Based on his assessments, once Chainlink secures this higher low, it could see a significant reversal, projected to surge by approximately $2.29. This increment is pegged to 4,500 satoshis at the current Bitcoin price, which could potentially thrust LINK’s price well above the $20 mark again. Van de Poppe’s analysis concludes with an optimistic price range of $30-$40 for LINK in the near term, suggesting an impressive gain of up to 122.71% from its current market position. Amidst these projections, Chainlink currently boasts a market cap of $10.55 billion, securing its rank as the 12th largest cryptocurrency, with a slight increase in its market price to $17.96.
