A much-followed crypto trader thinks that Chainlink (LINK) is now ready to rise after a long period of accumulation.
In a new video strategy session, crypto analyst Michaël van de Poppe tells its 162,000 YouTube subscribers that the Chainlink decentralized oracle network could increase by more than 50% from its current value.
According to the analyst, Chainlink has traded for about 450 days in a range between $5 and $9.50 and is now consolidating. He predicts that LINK will fall to create a bullish higher-low setup before any rallies ensue.
“The area here at $6.75 is the critical area for longs. And then I assume we’ll get that direction $11.
Chainlink is trading at $7.22 at the time of writing, down 2.6% over the past 24 hours.
Van de Poppe also keeps a close eye on the decentralized finance (DeFi) derivatives exchange Injective (INJ). He says he is looking at two possible buy-the-dip scenarios for the altcoin.
“We have seen quite a significant run-up which is why $10 has become the clear resistance. So what are we looking at now? We are toiletking on a low range here at $5.40. Everything in between is the entrance zone.
So ultimately if we get a sweep here [to $5.40] that will put yourself in a long position and ultimately mid-range or something in between, which is the area we have at $7 is another entry point into the higher time frame perspectives. I think these are the buy-the-dip regions and also the reversal here from the high ($10) makes an argument that we’re going to look at a case of continuation [past $14].”
Injective is trading at $8.17 at the time of writing, up 543% from its opening in January 2023 at $1.27.
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Image generated: Midway through the journey