An analyst who correctly predicted a crypto bottom in November 2022 is expressing bullish sentiment on an altcoin that has been trading in a long-term range. Another crypto analyst says that a Fan Token is poised for a sharp rise.
Analyst: 2X possible for this altcoin!
Analyst pseudonymous DonAlt says Chainlink is one of the “best looking altcoins” in terms of price action. In this context, the analyst shares the following predictions:
I actually like this setup from LINK… I love it when you have a range like this that has been tested many times. Because if you get a range breakout, you’re going to have a pretty big move. That’s why I love LINK. I think if this breaks, it could go to $14 or whatever. So doubled!
At press time, the altcoin was trading at $7.66, up 1.81% on a daily basis. DonAlt also says that much of Chainlink’s future price movement depends on the price movement of Bitcoin (BTC). Frankly, if Bitcoin crashes, LINK will also crash, according to the analyst. Regarding Bitcoin’s future prospects, DonAlt states that there are two options. In this regard, the analyst makes the following assessment:
Either it gets rejected where it is now and then it goes down. This is also likely or very possible. But if it goes towards $29,000 and closes at $29,000, I don’t think it will stop. Because this is a huge recovery for BTC.
This FAN Token may see a sharp increase
Analyst David says it is possible that Juventus Fan Token (JUV) will see a sharp rise in the coming days. David looks at the traces of this rise in the technical picture of the altcoin price. The altcoin price has started to decline after reaching a yearly high of $6.7 on April 8, 2023. At that time, JUV rose 170% in just two days.
The downward move brought the altcoin price to an all-time low support level of $1.9 on June 12 and once again on September 30. When we combine these two lows, we can see a double bottom pattern forming. This is a bullish pattern that usually leads to an upward trend reversal. Meanwhile, the daily RSI indicator has created a bullish divergence. Additionally, it broke above the 70 level at the time of writing. Therefore, this supports the possibility of a reversal of the rise.
More importantly, trading volume over the last three days has increased unusually strongly (highlighted by green circle). This is usually the beginning of a new uptrend. There are three levels to watch in this upward move for the altcoin: $3, $4, and $5.2. A rise to $5.2 would represent a 128% increase from the current price.
The predictions and opinions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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