Michaël van de Poppe Predicts Bullish Move for Undervalued Ethereum Altcoin
Bullish Breakout Predicted for Mid-Cap Altcoin by Top Crypto Analyst
Thank you for sharing the news update. In the world of cryptocurrency, any insights from well-followed analysts can have a notable impact on market sentiment and price actions. Michaël van de Poppe's analysis of Chainlink (LINK) potentially breaking out against Bitcoin (BTC) could be significant for traders and investors who are interested in either of those assets. According to van de Poppe, despite Chainlink's recent dip to the lower end of its current trading range, there's a possibility for a bullish breakout if LINK records a higher low price against Bitcoin on a weekly basis.
Based on the trader's LINK/BTC chart, close attention is being paid to whether LINK can validate its upward momentum by maintaining levels above 0.000216 BTC (equivalent to $5.57) after reaching a high of 0.000236 BTC (approximately $6.08)."
"At the time of this report, the LINK/BTC trading pair stands at 0.000241 BTC, equivalent to $6.17.
The trader emphasizes that the market has yet to fully factor in Chainlink's recent launch of the Cross-Chain Interoperability Protocol (CCIP). This significant development is seen as a major enhancement for the network, akin to Ethereum's shift from proof of work (PoW) to a proof-of-stake (PoS) consensus mechanism.
The CCIP is designed to streamline the creation of cross-chain applications and services while simplifying token transfers.
The trader believes that Chainlink is currently undervalued, especially in light of the CCIP launch and the potential growth it could bring. Notably, Chainlink's valuation remains 85% below its all-time high (ATH) even without CCIP integration.
Despite apparent price stability, it's essential to recognize that substantial profits often arise from investments made during uncertain periods. This is one such opportunity."
The trader also highlights that Chainlink has experienced a prolonged sideways movement, lasting for 483 days, or over 15 months, with a downward trend in the LINK/BTC pair spanning more than three years."
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Sep 07, 2023