A crypto analyst known for his accurate predictions says that an Ethereum-based altcoin project will rise in 2023.
Here is the altcoin Michael Van De Poppe is waiting for to rally
You can take a look at the analyst’s accurate predictions, which are popular on Twitter and Youtube. Van De Poppe included an Ethereum-based altcoin project in his current analysis, which he expects to rally. Chainlink (LINK), which is on the analyst’s radar, is one of the largest oracle platforms in the market. Poppe says LINK price only needs to break one resistance level to start a rally ahead of the new year:
If Chainlink can break the $7.78 resistance, this area will be the area where we will start accelerating next, which is a crucial resistance level before $16 for Chainlink.
Chainlink (LINK) is a cryptocurrency that connects smart contracts on various Blockchain networks to real-world data. cryptocoin.com As you follow, it’s trading under $6 at the time of writing. If Van de Poppe’s prediction comes true, it would mean more than 164% gains from current levels. Despite this rally, ATH price will be more than 50% below $52.88. However, Poppe does not rule out bearish risks for the LINK price.
Watch out for these levels in case of an extreme bear
While Van de Poppe is optimistic about Chainlink, he warns investors against some risky situations. He says it is possible for LINK price to drop below $5 before recovering towards its target:
If it doesn’t hold up to $6 I’ll look into testing around $5. If we can’t really have a support here, we might be back under $5 again. I’m looking at a situation like this (move below $5), this is [$6 retracement], the ideal sign for a long position.
When it comes to Bitcoin (BTC), the analyst said that the leading crypto is ready for a rapid rise. BTC price has been trading below $17,000 in recent weeks. The analyst mentions that he may pass this level soon:
Bitcoin still holds its position here as we passed $16,750 as support. If this holds (and there is no sharp drop to $16,400), I think we could see a rise towards $17,400.
Bitcoin ASIC miner prices are at low levels not seen in years
In the new year’s developments, Bitcoin ASIC miners, machines optimized solely for the purpose of mining Bitcoin, are currently selling at sub-barrel prices, seen as another sign of a deepening crypto bear market not seen since 2020 and 2021.
According to the latest data from Hashrate Index, the most efficient ASIC miners, that is, those producing at least one terahash per 38 joules of energy, saw their prices drop 86.82% from May. 7, with $119.25 per terahash in 2021, the peak dropped to $15.71 as of December 25.