There are millions of cryptocurrencies in the crypto market, making it a $2.16 trillion industry. Not only that, it processes $62 billion worth of transactions in 24 hours, but calling a particular cryptocurrency a once-in-a-lifetime opportunity is a big deal. And, as popular crypto analyst Michael Van de Poppe said, the big deal is with Chainlink (LINK).
LINK is the 14th largest cryptocurrency on the market based on a market capitalization of $7 billion. Moreover, the trading volume was $208 million, indicating considerable demand in the market. But as Michael predicts, there’s more to it than that.
Here’s why Chainlink is a once-in-a-lifetime opportunity
In a recent post on X, popular crypto analyst and trader Michael endorsed LINK after drawing attention to the token’s bullish movement on a weekly basis. In this post, he clarifies that “the token has consolidated above a key resistance level, reversing it to support.”
He further revealed that there is an opportunity to buy between $9 and $11 before the token reaches its all-time high of $35.29. In the post, he predicted that the Link price would reach a three-year high before challenging the ATH of $52.88.
#chain link It is still consolidating above a key resistance level, turning it into support.
If it’s between $9 and $11, I think it’s an interesting thing to buy.
I’ve talked about it several times, but it’s still a once-in-a-lifetime opportunity. pic.twitter.com/3vCTTiYsAe
— Michael van de Poppe (@CryptoMichNL) October 4, 2024
The crypto analyst also clarified that he is repeating his previous claim that this is a once-in-a-lifetime opportunity. Michael not only analyzed the Chainlink price, but also the price performance of Bitcoin, which could help the former grow.
In a similar post, he revealed that Bitcoin is bullish on the 12-hour time frame, which could push the rest of the altcoins higher. Since his mention, Bitcoin price has increased by 1% after falling to $60,000 and is currently trading at $62,188, which is a good sign.
How is Chainlink price performing today?
Michael posted this prediction on October 4, 2024, when LINK’s price was stable between $9 and $11. However, over the past 24 hours, the price has increased by 2.37%, rising to $11.37 at the beginning of the day and now at $11.26. However, this is not significant enough as the token has only recovered from this week’s 13% price drop.
There is also strong selling pressure among holders on the technical chart, and the simple & exponential moving averages and MACD support this selling pressure. Moreover, the RSI is neutral, indicating the continuation of this trend. Not to forget, Chainlink price has already failed to surge past the $11.37 pivot towards the $13.46 resistance, confirming the ongoing consolidation.
Despite the high selling pressure, the price has been bullish and rising in the past 24 hours, so further upside is likely. Several technical indicators, such as momentum and the Hull moving average, also suggest this possibility. However, if selling pressure prevails, the price could fall further.
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pooja kaldia
With a deep-rooted passion for reading and 5 years of experience in content writing, Pooja is currently focused on creating trending content regarding the cryptocurrency market. As an avid cryptocurrency journalist, Pooja is always on the lookout for trending topics and useful statistics to create engaging articles for cryptocurrency enthusiasts. Staying on top of the latest trends and advances in the field is an integral part of her daily life, reinforcing her commitment to providing timely and insightful coverage.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
