Chainlink Gearing Up for More Rallies As LINK Shows More Strength Against Bitcoin (BTC): Michaël van de Poppe
A popular crypto trader, Michaël van de Poppe, believes that Chainlink (LINK) is preparing for another upward movement. In a recent strategy session on YouTube, van de Poppe explains that LINK is displaying strength against Bitcoin (LINK/BTC), indicating the potential for further gains in Chainlink’s USD pair.
According to van de Poppe, Chainlink experienced significant breakouts before the Bitcoin halving in 2019-2020. Currently, LINK is running from $6 to $18, with the possibility of reaching $20 before a minor correction and subsequent rise towards the previous highs of around $35.34. This trend suggests that Chainlink needs to demonstrate strength against Bitcoin.
Van de Poppe explains that LINK is currently in the process of converting a crucial resistance level into support against Bitcoin. Once this conversion is complete, it is likely that Chainlink will experience more rallies after a brief correction.
The trader emphasizes the importance of identifying higher timeframe support levels for altcoins like Chainlink. When an altcoin finds support at these levels, it indicates a favorable opportunity to allocate funds back into the altcoin. Van de Poppe points out that Chainlink is currently undergoing a retest and is poised for new highs with higher lows and higher highs.
Currently, LINK/BTC is trading at 0.000358 BTC ($14.64).
Van de Poppe also highlights the bullish trend reversal of layer-2 blockchain Arbitrum (ARB) against Bitcoin (ARB/BTC). He suggests that Arbitrum’s significant bullish divergence indicates a potential trend reversal.
Currently, ARB/BTC is trading at 0.0000265 BTC ($1.09).
In addition, van de Poppe suggests that Optimism (OP) is likely gearing up for another upward movement against Bitcoin (OP/BTC). After a consolidation phase following a significant bounce upwards, Optimism is showing another bullish divergence, indicating the completion of its accumulation period and the start of a new uptrend.
Currently, OP/BTC is trading at 0.0000550 BTC ($2.26).
Hot Take: Chainlink and Other Altcoins Poised for Gains Against Bitcoin
Crypto trader Michaël van de Poppe suggests that Chainlink, Arbitrum, and Optimism are all showing signs of strength against Bitcoin. Chainlink’s ability to convert a key resistance level into support indicates the potential for more rallies in the near future. Similarly, Arbitrum’s bullish divergence suggests a trend reversal, while Optimism is expected to begin a new uptrend after consolidating and displaying another bullish divergence. These developments highlight the growing strength of altcoins in the crypto market and present opportunities for traders to capitalize on potential gains.
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