After the US labor data, the markets made a strong jump with the expectations that the Fed will slow down. As the dollar index (DXY) retreated sharply, demand for risky assets increased. As a result, the crypto market has also had its share. After these developments, a well-known crypto analyst predicts a big exit for an altcoin. It also updates its outlook for the two cryptocurrencies
“This altcoin is doing flawlessly!”
Popular crypto analyst Michaël van de Poppe updates his assumption about the chest coin Dogecoin (DOGE) and Ethereum scaling solution Polygon (MATIC), which Elon Musk fired after the latest developments in the market. It also predicts a rally for Chainlink (LINK), an Ethereum-based altcoin again.
Michaël van de Poppe says the decentralized oracle network Chainlink has successfully turned the $7 price area into a foothold. Therefore, he notes that the altcoin project will likely rise to $11. Saying “LINK is doing great”, the analyst shares the following assessment:
We are also getting this turn, which we targeted for potential ‘long’ zones. The smoothest opportunity I’ve seen 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. That’s why I believe LINK will make a big debut that will run for $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, Koindeks.com As you follow, chest 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 through a valuable level, it has a chance to reverse its trend. In this context, the analyst makes the following statement:
If it rejects around $0.127 again, you look for long positions in the $0.105 to $0.11 range. You can then start playing that jump to about 15%. If there is a breakout on the upside (e.g. 0.13 cents), then we can start targeting the high range at $0.16 again.
At press time, DOGE is trading at $0.1272, up 0.8% in the last 24 hours.
Behind DOGE, the analyst looks at 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 now possible. At press time, the altcoin was trading at $1.20, up about 1.39% on a daily basis.