• Chainlink (LINK) has been in a horizontal range since May last year without a clear breakout.
• Recent developments in the altcoin market triggered by the XRP case last week have experts believing that Chainlink’s price could secure a breakout.
• Crypto analyst Michael van de Poppe projects an expansion of LINK’s price towards $15 after recent forced liquidation below consolidation range border.
Positive Fundamentals for Chainlink (LINK)
Chainlink (LINK) has been consolidating in a horizontal range for over 15 months now, leading to speculation as to whether this altcoin will soon experience a breakout or not. Last week’s XRP case sparked renewed optimism among investors that Chainlink may be due for such a move, given its numerous positive fundamentals.
DeFi protocols are increasingly integrating their systems with Chainlink’s price feed oracles, making it almost necessary for any new DeFi protocol launch. The decentralized data node operators within the network also contribute to the secure and scalable provision of independent data. This is accompanied by an increased daily trading volume of around $562 million – representing an increase of 187% over 24 hours – further showcasing investor confidence in this project going forward.
Crypto Analyst Predicts Expansion
Respected crypto analyst Michael van de Poppe believes that these bullish indicators will sustain going forward, predicting an expansion of LINK’s price towards $15 following recent forced liquidations below the lower consolidation range boundary. He is confident that LINK will remain above $6 should Bitcoin sweep take place, allowing Link prices to easily rally beyond $9.5 if BTC drops too low. On the daily time frame chart, support from both 50 and 200 moving averages gives further confidence that such expansion could indeed be on its way soon enough.
Risk Management Strategies
However, while all signs point towards potential growth, investors must still exercise caution when making any investment decisions and practice risk management strategies accordingly. It is important to recognize that cryptocurrencies are extremely volatile assets which can swing significantly at any given moment – meaning losses can occur just as quickly as gains can happen – so it is paramount to use stop-losses at all times and take into account longer-term trends before entering any position at all times.
What Does The Future Hold?
In conclusion, Chainlink (LINK) appears set to break out soon given its numerous positive fundamentals combined with solid technical analysis backing short term projections from respected crypto analysts like Michael van de Poppe who believe this altcoin could expand up towards $15 in the near future provided Bitcoin remains above certain support levels. Investors must however still exercise caution when investing in cryptocurrencies due to their extreme volatility and always use risk management strategies when trading them regardless of what direction they expect them to move next!
Conclusion
Overall, Chainlink (LINK) looks set for significant growth in coming months backed by strong fundamental drivers and bullish technical analysis from respected sources like Michael van de Poppe who see it likely expanding towards $15 once again should Bitcoin remain supported at current levels! This being said though investors must still practice sound risk management strategies whenever investing in cryptocurrencies due to their high degree of volatility which can cause significant losses just as fast as they can gain profits!