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A popular cryptocurrency analyst says that decentralized oracle network Chainlink (LINK) and Ethereum (ETH) scaling solution Polygon (MATIC) could witness a rally this month.
Crypto strategist Michael van de Poppe has told his 629,900 Twitter followers that he expects LINK to start gaining more than 21% from its current price this month.
Despite recent divestments following the end of SmartCon, we expect Chainlink to continue to perform strongly in the fourth quarter.
Then the area around $7 would be the area to look for long or reclaim at $7.65.
Then it will be $9 next time.
At the time of writing, LINK is trading at $7.43, up more than 2% on the day.
Van de Poppe also has his eye on MATIC, which he says is showing strength after breaking above the key price point of $0.80.
A recovery of $0.72 activates the continuation. Currently, we cannot generate too many entries unless $0.72 is lost towards $0.56 or $0.80 is recovered.
At the time of writing, MATIC is up more than 4% over the last 24 hours and is trading at $0.81.
Next up is Ethereum challenger Avalanche. According to Van de Poppe, AVAX cannot bounce back towards his target of $18 unless he maintains support at $16.75.
“But if you’re looking for entry, a plunge to support at $16.75 is what I’m looking for.
If so, it’s going to be $18 next and a revaluation will occur.
At the time of writing, AVAX is worth $17.14, up more than 4% over the past day.
Another altcoin on analysts’ radar is Cosmos (ATOM), which van de Poppe says is in the midst of a major correction. In the short term, crypto analysts expect altcoins to rally to $14 before turning resistance at $13.35 into support for a possible bullish continuation.
The most favorable long entry is in the zone around $11.50 to $12.00 or when it reverses to support at $13.35.
At the time of writing, ATOM is trading at $12.88, up more than 7% over the past 24 hours.
The final altcoin on the trader’s list is Terra Luna Classic (LUNC). Van de Poppe said LUNC needs to maintain near-term support to maintain its bullish momentum.
This shows strength as we have had another breakout
We are looking long around $0.0003 as a potential play. If it breaks $0.00036, I think it will be $0.00045.
LUNC is currently hovering at 0.0003, Van de Poppe’s critical support level.
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Featured Image: Shutterstock/Zaleman
