A widely followed crypto trader thinks Chainlink (LINK) is now primed to surge after enduring an extended accumulation period.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that the decentralized oracle network Chainlink could increase by more than 50% from its current value.
According to the analyst, Chainlink has traded in a range between $5 to $9.50 for about 450 days and is now consolidating. He predicts LINK will dip to create a bullish higher-low setup before igniting rallies.
“The area here on $6.75 is the crucial area for longs. And then I’m assuming that we’re going to have that run towards $11.”
Chainlink is trading for $7.22 at time of writing, down 2.6% during the last 24 hours.
Van de Poppe is also keeping a close eye on the decentralized finance (DeFi) derivatives exchange Injective (INJ). He says he’s looking at two possible buy-the-dip scenarios for the altcoin.
“We have seen a pretty substantial run up and therefore $10 has become the clear resistance. So what are we looking at right now? We’re looking at a range low here at $5.40. Anything in between is the entry zone.
So ultimately if we get a sweep here [to $5.40] that is going to trigger yourself into a long position and ultimately mid-range or anything in between, which is the area that we have at $7, is another entry point on the higher timeframe perspectives. I think those are the buy-the-dip regions and also the flip here of the high ($10) makes an argument that we’re going to look at a case of continuation [past $14].”
Injective is trading for $8.17 at time of writing, a 543% increase from its January 2023 open at $1.27.
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The post Trader Predicts Chainlink To Surge by Over 60%, Updates Outlook on DeFi Altcoin That’s Exploded 6x Year-to-Date appeared first on The Daily Hodl.