Van de Poppe Draws Key Support Levels for Cardano and Chainlink
Michaël van de Poppe, a prominent crypto analyst and trader draws the support key levels for two altcoins: Cardano and Chainlink.
In a recent video, analyst shares with his 108,000 subscribers on YouTube that Cardano (ADA) is currently holding support above $1.00. But if that level is lost, he suggests two levels where buyers could step in.
“If Cardano is going to lose this point ($1.00). I don’t believe we’re going to hit this one once again. I think we’re going to look at support around $0.70 and potentially around $0.82.”
The trader is painting a bullish scenario for Cardano, in case it manages to stay between the $1.00 and $1.15 range.
“On the upside, we’re still making lower highs. So in order to break that momentum, obviously, Cardano has to flip and break above $1.48. But if it does break or test $1.31, that is the first level. If it wants to become bullish, first test $1.31, preferably, only a minimum consolidation.
If we reject at $1.31 again and come back down towards this green zone, you can see that we’re just tumbling over, and the chances that we’re going to test these levels around $0.70 to $0.90 are significantly increasing.”
Regarding Chainlink, he says the decentralized oracle network might be be bottoming out soon against its Bitcoin pair (LINK/BTC). Van de Poppe points out that LINK/BTC is currently hovering around support of 0.00045 BTC or 45,000 satoshis, worth about $14.50 at time of writing. If the pair breaches its immediate support, he sees LINK/BTC dropping down to 0.0004 BTC or $12.87.
“What do you want to see right now with Chainlink? You want to see that it regains 49,000 sats ($14.65). If it does that, the chances are that we’re getting back towards this range high (57,000 sats or $17.04) here again, consolidate down towards 49,000 [satoshis] and then the new uptrend starts.”
If Chainlink follow the script, the trader predicts that it could rally to 0.00075 BTC ($24.14), marking a potential increase of over 63% from its current price of 0.00046 BTC ($14,80).
