Chainlink’s Oracle Ascension: Analyst Predicts Bullish Surge

Feb. 29, 2024
Chainlink’s Oracle Ascension: Analyst Predicts Bullish Surge

Crypto analyst Michaël van de Poppe recently expressed optimism regarding the performance of Chainlink’s price. Van de Poppe highlighted the awakening of Oracles, indicating a positive trend for Chainlink.

He emphasized his bullish sentiment, stating, “I think that $LINK is going to do well.” Furthermore, he anticipates that $API3 will likely follow a similar trajectory, suggesting a potential bullish trend for both cryptocurrencies.

Furthermore, Van de Poppe suggested that investors adopt a cautious accumulation approach, considering that Chainlink has fallen by 20% from its recent top. This would allow you to profit from future price gains while decreasing the risks associated with market volatility.

Further, he pointed out that Chainlink has recently passed $100 million for total value staked (TVS). This accomplishment further shows how highly regarded the currency is and its purpose within the blockchain ecosystem.

On February 26, Van de Poppe emphasized that LINK was in a consolidation phase, positioning itself for a higher low. He anticipated that the cryptocurrency had yet to move significantly upward, suggesting that the real momentum for $LINK was still ahead.

Van de Poppe mentioned the potential breakout level for Chainlink, particularly pinpointing the make-or-break point. They fix this level at around 4500 satoshis. He referred to the altcoin, which would only heat up if and when it finally closed above 4500 satoshis, a make-or-break level.

Considering Chainlink’s recent correction of 20% against Bitcoin, Van de Poppe suggested that the current period presented an opportune time to accumulate holdings in the cryptocurrency. This strategy aligns with capitalizing on potential future gains while leveraging the lower price point resulting from the recent correction.

Chainlink (LINK) Near-Term Price Anticipation

At the time of writing, LINK trades at $ 19.55 with a trading volume of $ 1.02B over 24 hours while holding a market cap of $ 11.48B. Over the past 24 hours, it has witnessed a 1.43% increase, and LINK has undergone a notable 6% surge in its weekly chart. This rise comes as the week approaches its conclusion.

Source: CoinMarketcap

The latest Chainlink analysis by Changelly assumes that this asset will perpetrate a slight decrease. It is projected to experience a 1.98% decrease in its price by March 1.

Changelly’s technical analysis assigns a Neutral Bullish 69% to the link market. Today’s Fear & Greed Index emphasizes this outlook further, currently set at 82. The combined signals indicate a robust positive momentum for Chainlink. Favorable market conditions will contribute to further price appreciation in the near term.

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Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.