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Analyst Predicts LINK Rally, BTC Breakout, MATIC Drop, and APE Collapse Based on Technical Analysis

  • Chainlink (LINK) trader predicts a significant price rally during next bull market after 500 days of range trading.

  • Bitcoin (BTC) expected to break 200-day SMA and hit $28k by Sept 18 after retesting $26.3k support.

  • Polygon (MATIC) could see 42%+ drop if loses $0.50 support due to lack of trading interest.

  • ApeCoin (APE) facing collapse as it retests $1.14, with dead NFT market and no narrative.

  • Altcoin Sherpa provides trading outlook on LINK, BTC, MATIC and APE based on technical analysis.

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Bitcoin's recent correction and retracement of gains linked to BlackRock's BTC ETF application indicate weakness in the market, prompting one crypto trader to stay on the sidelines until Bitcoin either reclaims $30,000 or experiences a major collapse, while also noting that trader sentiment currently favors altcoins.
Ethereum may have reached a bottom in the bear market and is expected to break out from an ascending triangle pattern, according to crypto strategist Credible Crypto, who predicts a consolidation between $1,600 and $2,000 for the rest of the year before a surge in early 2024. However, they also hold a bearish view for ETH/BTC in the short term.
Bitcoin's price is closely linked to stock prices and has seen significant growth, outperforming Amazon over a 12-year period, according to Bloomberg analyst Mike McGlone; however, he is skeptical about its move into the mainstream and warns of potential price declines when the masses invest. Other analysts speculate on Bitcoin's price, with predictions ranging from a dip to $23,500 to exceeding $30,000 by year-end. McGlone is known for identifying unique trends in Bitcoin, and JPMorgan suggests that the recent crypto asset selloffs are mostly over.
Crypto analyst Ali Martinez warns that Chainlink (LINK) could experience a significant correction of up to 50% as whale transactions decline, indicating a lack of trading interest, while Bitcoin (BTC) may drop 10% if it loses key support and Ethereum (ETH) layer-2 blockchain Optimism (OP) is showing bearish signals with a potential drop of over 47%.
A blue-chip altcoin, Chainlink (LINK), may experience a bullish rally based on various analytics, while whales and sharks have accumulated $71 million worth of Maker (MKR) tokens, and Bitcoin Cash (BCH) has seen a price rebound, according to Santiment.
Chainlink (LINK) is expected to break through long-term resistance and potentially increase by 50% to $9 or even 115% to $13, while Ocean Protocol (OCEAN) could double its price if it breaks out of its descending resistance line and channel, reaching $1, but DASH is likely to fall by 60% to $10 if its bearish trend continues.
Bitcoin is predicted to reach $22,000 due to worsening investor sentiment and the impact of lawsuits against Binance and Coinbase, while BitMEX co-founder Arthur Hayes claims the bull market began in March.
Chainlink (LINK) may be on the verge of a bullish breakout against Bitcoin (BTC), according to crypto analyst Michaël van de Poppe, who believes that the recent launch of the Cross-Chain Interoperability Protocol (CCIP) could significantly boost Chainlink's value.
Chainlink (LINK) is expected to continue trading within a range for several months before breaking out, according to popular crypto trader Altcoin Sherpa, who recommends buying and holding the coin for six months before selling it at a higher price; the trader also discusses the potential of other cryptocurrencies, including Avalanche (AVAX), Fantom (FTM), and Rollbit's native token RLB.
ApeCoin, the Ethereum-based token linked to the Bored Ape Yacht Club NFT collection, has reached a new all-time low, trading at $1.16 and falling 7% in the last day and over 42% in the past month. The token's decline has outpaced the drop in the floor price of Apes, as the NFT market loses momentum.
Chainlink's LINK tokens have seen significant movements in the market, particularly with transfers from notable Chainlink wallets injecting a substantial number of tokens into various platforms, raising concerns about the asset's stability and future price trajectory.
Deep-pocketed crypto investors have moved over $660 million worth of Bitcoin, Ethereum, and Chainlink as Bitcoin's price drops below $27,000.
Chainlink's LINK token outperformed the top 20 cryptocurrencies in the past week with a 14% gain, supported by increased network activity and adoption of its Cross-Chain Interoperability Protocol (CCIP), while other major cryptocurrencies performed poorly.
Chainlink (LINK) and three other altcoins are expected to see more price surges based on bullish on-chain data, with Chainlink experiencing increased unique address activity and potential rallies if market participants remain indifferent to its performance. Additionally, Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX) are outperforming the broader crypto markets with increased adoption. Bitcoin, on the other hand, has seen a rise in the number of addresses holding less than 100 BTC, while whales have been selling since June.
Chainlink (LINK) is predicted to outperform other altcoins in the next bull cycle due to its solid fundamentals and its role as core infrastructure for numerous projects, according to crypto strategist Altcoin Sherpa. On the other hand, Altcoin Sherpa believes that Rollbit Coin (RLB) may decline in price in the coming weeks. Additionally, Altcoin Sherpa warns that Bitcoin (BTC) could potentially drop close to $20,000 as it struggles to maintain its bullish momentum.
Chainlink (LINK) may be on the verge of reversing its multi-year downtrend and sustaining bullish momentum, as it moves above a key long-term indicator, according to crypto strategist Kevin Svenson. However, Svenson also suggests that LINK may need more time before entering bull territory and breaking out above its macro resistance.
Crypto analyst Rekt Capital predicts that Bitcoin will form a lower high in the coming weeks, potentially leading to a higher low later in the cycle, while also noting that Chainlink has broken its downtrend.
Bitcoin is currently facing rejection at its current price point, while Chainlink is positioned well to close the week above its downtrend trendline, potentially leading to upward movement for the cryptocurrency.
Ethereum-based altcoin Chainlink (LINK) is predicted to experience a final correction before doubling in price, potentially reaching $12-$15 by 2024, according to crypto strategist Michaël van de Poppe, who expects other altcoins to continue gaining momentum as long as Bitcoin remains consolidated. Bitcoin, on the other hand, could rally to $30,000 if it successfully retests the $26,700-$26,900 range.
Bitcoin is poised to reach new highs, according to crypto analyst Michaël van de Poppe, while Chainlink may undergo one final correction before a breakout that could extend into 2024.
Inflation of Chainlink (LINK) tokens could pose a challenge for the cryptocurrency to reach new highs in the next bull run, as the increased number of tokens in circulation requires a significant increase in buying pressure to match previous price levels, according to a crypto analyst.
Despite multiple unsuccessful attempts to break out from a long-term descending resistance trendline, Chainlink (LINK) is currently in a bullish trend as indicated by the increasing RSI and accumulation by long-term holders and institutional wallets. However, if the price falls below the $6.95 support level, a bearish trend may continue with a potential drop to $6.35.
Chainlink (LINK) has outperformed Bitcoin (BTC), Ethereum (ETH), and other altcoins since September, becoming the leading decentralized blockchain oracle solution; however, concerns arise as the price faces a 10% correction and breaking the $7.20 support level may erase previous gains. The recent surge in LINK's value can be attributed to successful tests by SWIFT and the Australia and New Zealand Banking Group (ANZ), but changes to Chainlink's multisig and a decline in protocol fees have reduced investor interest.