A closely followed crypto analyst believes that one altcoin built on the Ethereum (ETH) blockchain is gearing up for a bullish 2023.
In a new strategy session, Michaël van de Poppe tells his 164,000 YouTube subscribers that decentralized oracle network Chainlink (LINK) must take out its immediate resistance to ignite a massive surge.
“If Chainlink is going to crack this resistance that we have here which is the area at $7.78, that is going to be the area after which we start to accelerate, so crucial resistance before $16 for Chainlink.”
At time of writing, LINK is changing hands for $6.05. A move to Van de Poppe’s target suggests an upside potential of over 164% for the Ethereum-based altcoin.
Although Van de Poppe is bullish on Chainlink, he says that it is within the realm of possibility for the altcoin to print a fresh bear market low below $5 before it could start rallying toward his target.
“If we don’t have that support level ($6) to stay in place, I’m going to look at a test around $5. If we can’t really have a support here, we sweep it ($5) again. I’m looking at a case like this (move below $5), in which [the reclaim of $6] is the trigger for a long entry in which you start continuing to the upside.”
Looking at Bitcoin (BTC), Van de Poppe says the king crypto looks primed for a quick upswing.
“Bitcoin still holding levels here as we flipped $16,750 for support. If that holds (and no sharp fall to $16,400), I think we’ll still be able to see continuation to the upside to $17,400.”
At time of writing, Bitcoin is changing hands for $16,866.
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Featured Image: Shutterstock/Jamo Images/Nikelser Kate
