Crypto Analyst Calls Chainlink An Opportunity of Lifetime: Here Is Why
The crypto market contains millions of cryptos, making it an industry of $2.16T. Not only that, it processes $62 Billion worth of transactions in 24 hours, but calling one specific cryptocurrency a once-in-lifetime opportunity is a big deal. And that big deal is attributed to Chainlink (LINK), as said by the popular crypto analyst Michael Van De Poppe.
LINK is the 14th biggest cryptocurrency in the market based on its market capitalization of $7 Billion. Additionally, it has a trading volume of $208 Million, indicating its decent demand in the market. However, there is much more, as Michael forecasts.
Here Is Why Chainlink Is An Opportunity of A Lifetime
In a recent X post, popular crypto analysts and trader Michael endorsed LINK after bringing everyone’s attention to the bullish behavior of the token on the weekly timeframe. In this post, he clarifies that the “token is consolidating above the crucial resistance and flipping that for support.”
He further revealed that anything between $9-11 is an opportunity to buy before the token hits a high of $35.29. With this post, he forecasted the LINK price to hit a three-year high before challenging the ATH of $52.88.
#Chainlink is still consolidating above the crucial resistance and flipping that for support.
I think anything between $9-11 is an interesting one to buy into.
I mentioned it a few times, but it remains to be an opportunity of a lifetime. pic.twitter.com/3vCTTiYsAe
— Michaël van de Poppe (@CryptoMichNL) October 4, 2024
This crypto analyst also clearly mentioned that he is repeating his previous claims that it is an opportunity of a lifetime. It is not that Michael analyzed the Chainlink price only, as he also analyzed the Bitcoin price performance, which could aid in the former ones’ growth.
In a similar post, he revealed that Bitcoin is bullish in the 12-hour frame, which could boost the rest of the altcoins. Ever since his mentions, the Bitcoin price has been up by 1% after its earlier drop to $60K, currently trading at $62,188, which is a good sign.
How Is Chainlink Price Performing Today?
Michael posted this forecast on October 4, 2024, when LINK’s price was consolidating between $9-11. However, in the last 24 hours, the price has surged by 2.37%, bringing the value to $11.37 earlier in the day, currently at $11.26. However, this is not significant enough, as the token is only recovering the 13% price plunge of this week.
Even on the technical charts, there is strong selling pressure among the holders, where the simple & exponential moving averages and MACD confirm this selling stress. Moreover, the RSI is neutral, indicating the continuity of this trend. Not to forget the Chainlink price has already failed to surge past the Pivot at $11.37, towards the resistance of $13.46, confirming the ongoing consolidation.
Because the price has grown bullishly in the last 24 hours despite the high selling pressure, it can grow further. A few technical indicators, like Momentum and Hull’s moving average, also hint at this possibility. However, if the selling pressure dominates, the price may fall further.
The post Crypto Analyst Calls Chainlink An Opportunity of Lifetime: Here Is Why appeared first on CoinGape.
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