A widely followed crypto trader thinks Chainlink (LINK) is now primed to surge after enduring an extended accumulation period.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that the decentralized oracle network Chainlink could increase by more than 50% from its current value.
According to the analyst, Chainlink has traded in a range between $5 to $9.50 for about 450 days and is now consolidating. He predicts LINK will dip to create a bullish higher-low setup before igniting rallies.
“The area here on $6.75 is the crucial area for longs. And then I’m assuming that we’re going to have that run towards $11.”
Chainlink is trading for $7.22 at time of writing, down 2.6% during the last 24 hours.
Van de Poppe is also keeping a close eye on the decentralized finance (DeFi) derivatives exchange Injective (INJ). He says he’s looking at two possible buy-the-dip scenarios for the altcoin.
“We have seen a pretty substantial run up and therefore $10 has become the clear resistance. So what are we looking at right now? We’re looking at a range low here at $5.40. Anything in between is the entry zone.
So ultimately if we get a sweep here [to $5.40] that is going to trigger yourself into a long position and ultimately mid-range or anything in between, which is the area that we have at $7, is another entry point on the higher timeframe perspectives. I think those are the buy-the-dip regions and also the flip here of the high ($10) makes an argument that we’re going to look at a case of continuation [past $14].”
Injective is trading for $8.17 at time of writing, a 543% increase from its January 2023 open at $1.27.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
