After the US labor data, markets made a sharp upward move on expectations that the Fed will slow down. As the dollar index (DXY) retreated rapidly, demand for risky assets increased. Therefore, the crypto market has also benefited from it. After these developments, a popular crypto analyst predicts a big exit for an altcoin. It also updates its outlook on the two cryptocurrencies.
“This altcoin is doing great!”
Popular crypto analyst Michaël van de Poppe is updating his forecast for the meme coin Dogecoin (DOGE) and Ethereum scaling solution Polygon (MATIC) fired by Elon Musk after the latest market developments. It also predicts a rally for Chainlink (LINK), also an Ethereum-based altcoin.
Michaël van de Poppe says that the decentralized oracle network Chainlink has successfully turned the $7 price area into a support level. Therefore, he notes that the altcoin project will likely rise to $11. “LINK is doing great,” said the analyst, sharing the following assessment:
We are also getting this turn, which we targeted for potential ‘long’ zones. The best opportunity I’m looking for is the $7.60 level for a potential trade here. But we got LINK at $7.35. Now, a continuation that causes nice support/resistance fluctuation. So we are in the high range at this point. For this reason, I believe LINK will make a big exit that will run towards $11.
At press time, LINK is trading at $8.87, up about 0.97% on a daily basis.
DOGE and MATIC updates
The analyst then moves on to Dogecoin (DOGE), the most talked about altcoin of recent days. Van de Poppe, AmkNews.comAs you follow, the meme says that the current trend of the coin has dropped after the big rally last week. However, the analyst states that if DOGE manages to break above a significant level, there is a chance to reverse its trend. In this context, the analyst makes the following statement:
If it rejects around $0.127 again, you would look for long positions in the $0.105 to $0.11 range. Then you can start playing that jump to about 15%. If there is an upside break (eg 0.13 cents) then we can start targeting the high range at $0.16 again.
At press time, DOGE is trading at $0.1272, gaining 0.8% in the last 24 hours.
The analyst behind DOGE looks to Polygon (MATIC). Van de Poppe says the altcoin project has reached its price target of $1.30. It also warns the bulls that a correction to $1.00 is likely now. At press time, the altcoin was trading at $1.20, up about 1.39% on a daily basis.
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