Chainlink (LINK) seems to be coming back to life. The ERC-20 token owes this partly to the positive news regarding the Ethereum (ETH) Spot exchange-traded funds (ETFs).
If Dutch analyst Michaël van de Poppe has his way, we can expect even more fireworks. In doing so, the analyst identified a number of important levels in the LINK/BTC trading pair.
Van de Poppe states that Chainlink must maintain three crucial levels to maintain upward momentum: 0.0004480 Bitcoin (BTC), 0.0006721 BTC and 0.0007950 BTC. The 0.0004480 BTC level is especially important, as it previously formed a strong barrier. Breaking this level could confirm the bullish trend and lead to major upward moves.
A new all-time high
The first target is 0.0002757 BTC, which represents a 152% increase from the critical support level. With this growth, the LINK price would be around $45.
The second target, according to the analyst, is a valuation of 0.0006055 BTC. This would represent an increase of approximately 316%, resulting in a price of as much as $75.
This valuation would mark a new all-time high (ATH), as LINK’s previous price record stands at $52.70, set in May 2021.
MACD indicator bullish
Things also look good for LINK based on other technical indicators. The Moving Average Convergence Divergence (MACD) indicator shows positive signals. The MACD is a trend-following momentum indicator that shows the relationship between two exponential moving averages of a price.
An uptrend is visible on the weekly chart, and the MACD is approaching a crossing with the signal line in the negative region. This could indicate a trend reversal to higher price levels.
Whales buy en masse
Whales also seem positive about the future of Chainlink. According to data from Santiment, these wealthy investors invested as much as $16 million in Chainlink between May 19 and 25. As a result, the top 100 largest Chainlink wallets have increased their balances by 1.2 million LINK tokens.
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Source: https://newsbit.nl/nederlandse-crypto-analist-voorspelt-75-chainlink-koers/
