Renowned crypto trader and Bitcoin enthusiast Michaël van de Poppe recently took to his verified X handle to make bold claims about Chailink’s (LINK) potential to recover from a crucial support area and eventually appreciate by about 150% – 300%.
Van de Poppe’s analysis on X had an attached LINK/BTC price chart, highlighting crucial resistance levels that had hindered the coin’s price expansion. The subsequent part of this insight will be breaking down complex findings on the displayed chart.
Read Also: We Asked ChatGPT If Chainlink (LINK) Could Hit $30 In 2023, Here’s What It Said
Per Van de Poppe’s displayed price chart, Chainlink seems to deviate toward a bullish trajectory, evidenced by the higher lows and higher highs appearances on the trading chart.
However, Van de Poppe noted that Chainlink’s rally would not proceed without encountering hindrances at some specific levels. The resistance levels highlighted on the price chart included 0.0004480 BTC, 0.0006721 BTC, and 0.0007950 BTC.
Among the spotlighted constraints, 0.0004480 BTC remains the most significant, having previously posed a potent impedance to Chainlink’s price appreciation.
According to the price chart, breaking above the two extremes of the resistance would orchestrate significant price appreciation actions for Chainlink.
Breaking above the 0.0004480 BTC constraint would orchestrate a 152.52% rally to attain a 0.0002757 BTC price target. On the other hand, exceeding the second resistance level at 0007950 BTC would result in Chainlink’s potential ascent to the 0.0006055 BTC price level, implying a 316.62% price increment.
At press time, Chainlink’s statistics on Coincodex revealed the digital assets selling price to be approximately $18.15, reflecting a 0.22% upswing in the past 24 hours.
LINK is the thirteenth most valuable crypto asset, with a market cap of about $10.66 billion. It has the nineteenth-largest 24-hour trading volume, valued at roughly $1.08 billion.
All indices seem to hint at a bullish potential for LINK, corroborating Van de Poppe’s assertions in this insight. Per the coin’s risk assessment analysis on Coincodex, LINK has outperformed 68% of the top 100 performing crypto assets, including Ethereum (ETH) and Bitcoin (BTC).
Read Also: New Collaboration to Enable Cardano Integrate Chainlink Oracles for Real-Time Market Data
It is trading above its 200-day Simple Moving Average (SMA). The price has increased by approximately 181% within a year and has recorded 18 green days out of a possible 30-day sales statistics.
However, Chainlink’s future price trajectory should not be based on only predictions and analysis; other external influences like market sentiments, large token holders’ actions, etc, could also contribute, underscoring the high risk associated with crypto investments.
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