Analyst Van de Poppe Predicts Chainlink to Rise 300% Against Bitcoin

Market veteran Mikael van de Poppe predicts that the price of Chainlink will rise 300% against Bitcoin following a bounce from a key support area.

Chainlink (LINK) There are signs of waking up from a key support level, suggesting the possibility of a significant price upswing. Prominent crypto analyst Mikael van de Poppe has identified a key resistance level that Chainlink, currently trading at 0.0002485 BTC, must overcome to maintain its upward momentum.

#Chainlink I woke up from a critical area of ​​support.

There will likely be continuation and a low will be reached.

At this point, I wouldn't be surprised to see prices increase by 150-300%. pic.twitter.com/ulweEUpAYV

— Michaël van de Poppe (@CryptoMichNL) May 27, 2024

Chainlink targets growth levels

In a recent analysis, van de Poppe noted that Chainlink is showing signs of recovery from a key support zone, highlighted in green on the chart. This support area, just below where it is currently trading, has historically been a bounce point for Chainlink and is maintaining its structure.

According to the chart, the cryptocurrency has begun to form higher lows and higher highs, a pattern that indicates a bullish trend. This shift in market sentiment suggests that Chainlink may be on the brink of sustained growth.

However, as Van de Poppe points out: Chain link According to the LINK/BTC chart, several major resistance levels need to be overcome to continue the upward trajectory. The major resistance levels identified are 0.0004480 BTC, 0.0006721 BTC, and 0.0007950 BTC.

In particular, the 0.0004480 BTC level is particularly important as it has previously acted as a strong barrier – a breakout above this resistance would validate the bullish trend and could lead to significant upward momentum.

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Potential price increases

Van de Poppe predicts that if Chainlink can break through the identified resistance level, two big gains could occur: The first target is set at 0.0002757 BTC, which would represent a 152.52% increase from the key support level.

Moreover, the second target is 0.0006055 BTC, which would indicate a 316.62% increase from the same starting point. These projections highlight the significant upside potential for Chainlink, assuming it can overcome key resistance barriers.

LINK/BTC Aims for Positive Crossover

On the weekly chart, the MACD indicator is trending up and is on the verge of crossing the signal line in the negative territory. This move indicates that the LINK/BTC pair is experiencing an upsurge in bullish sentiment and could be on the brink of a trend reversal to higher price levels.

Currently, the MACD is sitting just below the zero line at 0.0000245. The narrowing bar width on the MACD histogram chart further supports the strength of the LINK/BTC bulls and suggests a possible crossover into positive territory.

Similarly, the RSI indicator has risen above its signal line, signaling strengthening bullish momentum in the short term, and with the RSI at 43.95, there is plenty of room for the bullish sentiment to continue in the near future.