One crypto analyst is predicting a rally for Ethereum (ETH)-based altcoin Chainlink (LINK) while updating his forecast on Dogecoin (DOGE) and ETH scaling solution Polygon (MATIC).
Crypto trader Michaël van de Poppe tells his 165,000 YouTube subscribers that decentralized oracle network Chainlink could soar to $11 after the altcoin successfully turned the $7 price area into a key support level.
“Chainlink has been doing great. We have been getting that flip as well, which we were targeting for potential long zones. The best opportunity I was also looking at is $7.60 for a potential trade here, but we got it at $7.35, beautiful support/resistance flip-inducing continuation so we are at the range high at this point. This makes me believe that we’re going to have a big breakout on Chainlink resulting in the run towards $11.”
At time of writing, LINK is trading at $8.73, up nearly 11% on the day.
Setting his sights on Dogecoin, Van de Poppe says the meme token’s current trend is down after a massive rally last week. However, the trader says DOGE can reverse its trend if it manages to take out a key level.
“If we reject around $0.127 again, you’re looking for longs around the area of $0.105 to $0.11 and then you can start playing this bounce for approximately 15%. If we do have a break around the upside although, if we break $0.13 cents for instance, then we can start targeting the range highs [$0.16] again.”
At time of writing, DOGE is switching hands at $0.12, up over 6% in the last 24 hours.
Next, Van de Poppe weighs in on MATIC, warning bulls that the red-hot altcoin has hit his price target of $1.30 and is now likely to correct to $1.00.
At time of writing, MATIC is changing hands at $1.21, still up nearly 20% on the day.
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Source: https://dailyhodl.com/2022/11/05/top-crypto-analyst-predicts-big-breakout-for-one-ethereum-based-altcoin-updates-outlook-on-dogecoin-and-polygon/