According to a seasoned crypto analyst, an Ethereum-based (ETH) altcoin may experience a decline before a major rally.
Crypto strategist Michaël van de Poppe has made an important point about the price of Chainlink (LINK). in analysis found. According to Van de Poppe, LINK may experience a correction movement in the coming period and its price may fall lower than its current levels.
According to Van de Poppe, 2024 will be an important year for Chainlink to reach $12-15.
“Last correction for Chainlink before it breaks out of this range. Markets are still warming up for a big rally, and if cycles come true, 2024 will be a big year for LINK. “I expect some retesting to occur around $7 before $12-15 for buying.”
Chainlink is known as one of the leading projects in the cryptocurrency market and offers a platform developed to enable the interaction of smart contracts with real-world data. This analysis from Van de Poppe suggests that investors should be cautious about LINK going forward.
LINK is trading at $7.67 at press time. An increase to the price range predicted by Van de Poppe would mean an increase of 56% to 95%.
Besides these, the analyst stated that altcoins have undergone a significant correction, but Bitcoin (BTC) has undergone consolidation. According to the analyst, “fashion coins” may continue to show momentum despite the altcoin correction as long as BTC consolidates.
Finally, van de Poppe says that Bitcoin, the leading cryptocurrency, can rise to $30,000 as long as it can successfully retest the $26,700-26,900 range.
“There are several levels of importance for Bitcoin here. Staying above $27,200 will be important for the continuation of the rise, but preferably a retest of $26,700-26,900 could be seen before continuing the rise to $30,000.”
You can follow the current price movement here.