The cryptocurrency market is currently experiencing an unexpected drop after an unexpected rise. The leading cryptocurrency, Bitcoin (BTC), has dropped below $30,000 again, and this drop has been felt more severely in altcoins. While everyone has been focused on the rise of popular altcoins like XRP, there is an altcoin that has caught the attention of a famous analyst, which has been forgotten in recent days. Michael van de Poppe has not forgotten about Chainlink (LINK).
LINK, the 23rd largest cryptocurrency by market capitalization, seems to be longing for its glorious days. Once an immutable project in the top 10, LINK is now showing a desire to return in the opposite direction of the market. The LINK price has gained 4% in the past 24 hours and 12% in the past 7 days, paddling against the current market trend.
In the past 24 hours, LINK has managed to increase its daily trading volume by 187%, reaching $562 million. Renowned analyst Poppe believes this is definitely a positive development. The recent bottoming out of the project’s price due to liquidations is seen as a positive sign by Poppe. The famous analyst’s next target is $15.
Looking at the graph shared by the famous cryptocurrency analyst, it can be seen that the LINK/USD pair is holding above the 50-day and 200-day moving averages. This support could sustain the rally towards $9.5 for LINK. However, if the BTC price remains below $30,000, LINK may retrace to its previous support level.
However, another drop below $30,000 could trigger a rally towards $12 for LINK.
Chainlink is currently the most widely used project in the DeFi protocols. Arkham, which recently conducted an airdrop, is also using Chainlink’s oracle service for price tracking, and its use is expanding. Technically, LINK is showing a positive formation, and its future looks promising.