Top Crypto Analyst Predicts Big Breakout for One Ethereum-Based Altcoin, Updates Outlook on Dogecoin and Polygon
A cryptoanalyst predicts a rally for Ethereum (ETH)-based altcoin Chainlink (LINK) while updating his forecast on Dogecoin (DOGE) and ETH scaling solution Polygon (MATIC).
Crypto trader Michaël van de Poppe tells his 165,000 YouTube subscribers that decentralized oracle network Chainlink could rise to $11 after the altcoin turned the $7 price range into a key support level.
“Chainlink has done well. We also got that flip, which we targeted for potential long zones. The best opportunity I also looked at is $7.60 for a potential trade here, but we got it at $7.35, beautiful support -/resistance flip-flopping continuation, so we are at the highest level at this point. This leads me to believe that we are going to have a big breakout on Chainlink resulting in a run towards $11.”
At the time of writing, LINK is trading at $8.73, up almost 11% on the day.
Van de Poppe sets his sights on Dogecoin, saying the meme token’s current trend is down after a massive rally last week. However, the trader says that DOGE can reverse the trend if it manages to take out a key level.
“If we reject around $0.127 again, you’re looking for longs around the $0.105 to $0.11 area, and then you can start playing this bounce for about 15%. If we have a break around the upside, but if we break, say, $0, 13 cents, we can start targeting the interval highs [$0.16] again.”
At the time of writing, DOGE is trading hands at $0.12, up over 6% in the last 24 hours.
Next, Van de Poppe weighs in on MATIC, warning bulls that the red-hot altcoin has hit its $1.30 price target and is now likely to correct to $1.00.
At the time of writing, MATIC is changing hands at $1.21, still up almost 20% on the day.
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