- Michaël van de Poppe identifies $6.15-6.40 as a strategic entry point.
- The crypto analyst believes Chainlink has reached its bottom.
In a recent tweet, Michaël van de Poppe, a well-known figure in the cryptocurrency community, offered his analysis on Chainlink (LINK), a decentralized oracle network. Van de Poppe’s tweet has garnered significant attention, with thousands of views and hundreds of likes and reposts. His analysis suggests that Chainlink is showing upward momentum and will likely continue its bullish trend.
Request 1 – $LINK
This one is showing upwards momentum and I think that the bottom is in.
Retests are ready to be bought. If we get $6.15-6.40 retest, that’s an entry towards $8. pic.twitter.com/1nqCroCKzp
— Michaël van de Poppe (@CryptoMichNL) September 18, 2023
According to van de Poppe, Chainlink has reached its bottom and is now in a phase where retests offer lucrative buying opportunities. He pointed out the $6.15-6.40 range as a strategic entry point for investors. If Chainlink retests this range, van de Poppe believes it would be likely an excellent opportunity to buy, with a potential target price of $8.
LINK/USD 4-hour Chart Analysis: Bullish Breakout Imminent
Chainlink price analysis reveals a potential bullish breakout as the altcoin’s price has stalled above all the moving averages. The 4-hour chart for LINK/USD shows that the altcoin is struggling to break above the upper band of its symmetrical triangle pattern. The MACD indicator also supports a bullish breakout and has generated two consecutive higher highs, while the RSI remains neutral but above the 50 level. If Chainlink manages to break out of this pattern, it could see an increase in price and likely form new highs of $9.50 and above.
LINK/USD daily chart: TradingView
On the 4-hour Chainlink (LINK) chart, the bears attempted to push the price below the $6.55 mark. However, the strong buying pressure at this level prevented a downward move, showcasing the buyers’ resilience in this zone. Following this, the price returned, reaching the supply zone at $6.68. At this price point, LINK/USD exhibited several double-bottom patterns, a bullish reversal indicator in technical analysis.
The real momentum shift was observed in the previous 4-hour timeframe. The bulls gathered strength, breaking past the minor resistance at $6.70. This bullish breakout led the price to climb steadily, reaching an intraday high of $6.88. It’s worth noting that this intraday high is near the 200-exponential Moving Average (EMA), a significant technical indicator.
If the bulls lose their current momentum, we might see the price retracting to the main support level at $6.45. Should this support fail to hold, a further decline to $6.0 is possible. This bearish scenario could set the stage for a potential downtrend, possibly dropping the price to $5.5.