Coin Edition -
- Analyst Michael van de Poppe uploaded his latest video to YouTube yesterday.
- In the video, the analyst stated that LINK is a must-buy altcoin at the moment.
- The trader is bullish on LINK following a recent EMA golden cross that took place on its daily chart.
Renowned crypto trader and analyst, Michael van de Poppe, uploaded his latest video to YouTube yesterday. In the video, the trader shared why he feels Chainlink (LINK) is a “must-buy altcoin at the moment.”
According to van de Poppe, LINK’s price has been in a consolidation channel since the altcoin’s price crashed in May 2022. Furthermore, the 100-day and 200-day Moving Average (MA) lines have acted as strong resistance levels for the altcoin’s price during this sideways period.
The reason that van de Poppe is excited about the upside potential of LINK in the short term is the fact that the 200-day and 100-day MA lines have crossed bullishly. In addition to this, the two MA lines are now acting as support for LINK’s price.
In his bullish thesis, the trader shared that should LINK’s price break the $9 mark, it will look to target $25 next – adding that the upside potential for LINK’s price far outweighs its downside potential.
At press time, LINK is ranked as the 20th biggest crypto project in terms of its market cap according to CoinMarketCap. The crypto market tracking website also shows that LINK’s price has dropped 1.25% over the last 24 hours.
This latest 24-hour drop in LINK’s price has added to the altcoin’s negative weekly performance, taking it down to -11.28 at press time. As a result, LINK’s price currently stands at $7.29.
In comparison to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), LINK’s price has weakened against BTC by 2.29% and has also weakened against ETH by 3.66%.
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