A widely followed crypto analyst believes that a mid-cap altcoin could set the stage for a bullish breakout.
Crypto trader Michael van de Poppe tells are 666,400 followers on the social media platform X that the blockchain oracle Chainlink (LINK) may be breaking out against Bitcoin (BTC).
The trader says that while Chainlink has re-examined the bottom of a trading range between $7.27 and $5.50, LINK could confirm an uptrend if it prints a higher low against Bitcoin on a weekly basis.
According to the trader’s LINK/BTC chart, he is keeping a close eye on whether LINK can confirm the uptrend by staying above 0.000216 BTC ($5.57) after rising to 0.000236 BTC ($6.08).
At the time of writing, LINK/BTC is trading for 0.000241 BTC ($6.17).
According to the trader, the market has yet to factor in Chainlink’s July launch of the Cross-Chain Interoperability Protocol (CCIP). He says CCIP is a huge boost for the network, similar to Ethereum (ETH)’s upgrade from proof of work (PoW) to a proof-of-stake (PoS) consensus mechanism.
The interoperability protocol aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.
“Chainlink is actually undervalued compared to their future value with this recent fundamental release of CCIP and the potential growth we will see with it as Chainlink’s valuation is still 85% below the ATH (all-time high). An ATH without CCIP integrated.
Yes, the price action doesn’t really show that we have that much momentum, but you should realize that the biggest gains and returns come from buying in uncertain times. This is a.”
He notes that Chainlink’s price action has been tough for many months.
“The terrible thing is that Chainlink has been trading sideways for 483 days, for over 15 months, and has been trending down on the LINK/BTC pair for over three years.”
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Generated image: Midjourney
