- Cryptocurrency expert Michaël van de Poppe predicts bullish trajectory for Chainlink.
- Chainlink’s price could surge if it breaks its symmetrical triangle pattern.
- Chainlink’s price could drop to $5.5 if current bullish trend weakens.
Recently, prominent cryptocurrency expert Michaël van de Poppe shared his insights on Chainlink
Van de Poppe suggests that Chainlink has hit its lowest point and is currently in a stage where retests present profitable investment opportunities. He identified the $6.15-6.40 range as a key entry point for investors. Van de Poppe posits that if Chainlink revisits this range, it could present a prime buying opportunity, with a possible target price of $8.
LINK/USD 4-hour Chart Indicates an Impending Bullish Breakout
The price analysis of Chainlink indicates a possible bullish breakout, given that the altcoin’s price has remained above all moving averages. The 4-hour chart for LINK/USD demonstrates that the altcoin is finding it challenging to surpass the upper limit of its symmetrical triangle pattern. The MACD indicator also favors a bullish breakout, having produced two successive higher highs. Meanwhile, the RSI is neutral but maintains a level above 50. Should Chainlink succeed in breaking out of this pattern, it could experience a price surge and establish new highs of $9.50 or more.
In the 4-hour chart of Chainlink (LINK), there was an attempt by the bears to drive the price below the $6.55 threshold. However, the robust buying pressure at this level thwarted a downward trend, demonstrating the buyers’ tenacity. Subsequently, the price rebounded, hitting the supply zone at $6.68. At this level, LINK/USD displayed multiple double-bottom patterns, a bullish reversal signal in technical analysis.
A significant change in momentum was noted in the last 4-hour interval. The bulls gained power, surpassing the minor resistance at $6.70. This bullish surge resulted in a steady price increase, achieving an intraday peak of $6.88. It is important to mention that this intraday peak is close to the 200-exponential Moving Average (EMA), a crucial technical indicator.
If the bullish trend loses its current strength, the price could return to the primary support level of $6.45. If this support level doesn’t sustain, the price could drop to $6.0. This negative outlook could trigger a downward trend, potentially reducing the price to $5.5.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
