According to Michaël van de Poppe, a senior strategist, the Ethereum-based blockchain network Chainlink (LINK) looks set to experience a big breakout.
Van de Poppe states that the pattern in LINK’s chart indicates an uptrend.
“We are very likely to have an explosion here. You’ve probably seen this structure quite often, where we’re doing a kind of rounded bottom (a series of price movements that graphically form a “U” shape).
A rounded bottom, new high bottoms pretty quickly [ve] It shows that we will experience new high peaks.”
Van de Poppe believes that LINK will continue to rise if it can maintain a certain key level.
“I believe we are ready for a breakout for upside momentum if Chainlink can continue to hold above this level, which is about 60,000 (0.0006 BTC) satoshi (28.85) at this point.
Chainlink’s next rally will be towards around 80,000 satoshis (0.0008 BTC) ($38.50), which represents a 30 percent rise. But in this case, we are likely to see a new cycle for Chainlink, which means serious continuity in the markets.”
Chainlink is trading at $30.59, up 25 percent from a 30-day low of $24.38 at the time of writing, and down nearly 20 percent from a 10-day high of $36.00, according to CoinGecko data.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.