ChainLink (LINK) is at a cycle low, potentially rotating after Ethereum (ETH) finds its low, says analyst Michaël van de Poppe.
LINK shows potential for a bullish reversal against BTC, with key resistance levels at 0.0004480 BTC, 0.0006721 BTC, and 0.0007950 BTC.
Over a 24-hour period, LINK and ETH showed similar trends, with ETH peaking at 2% growth and LINK slightly lower before a sharp decline.
In recent market activity, ChainLink (LINK) has continued to perform in tandem with Ethereum (ETH). According to crypto analyst Michaël van de Poppe, LINK is at a cycle low and may see rotation after Ethereum finds its low.
$LINK continues to perform weekly, hand-in-hand with $ETH.It's at a cycle low and I think we'll rotate this right after Ethereum has found its low. pic.twitter.com/mJ7ULOwkFU
— Michaël van de Poppe (@CryptoMichNL) July 27, 2024
LINK’s Technical Analysis Against BTC
The ChainLink (LINK) has shown a notable downtrend against Bitcoin from August 2020 to mid-2022. Significant drops marked this period, with some upward movements starting in May 2022.
Currently, LINK is around 0.0001999 BTC, within a major support zone. Key resistance levels are at 0.0004480 BTC, 0.0006721 BTC, and 0.0007950 BTC.
Source; Michaël van de Poppe on X
The Relative Strength Index (RSI) shows periods of overbought and oversold conditions, vital for gauging momentum. Volume bars indicate higher trading activity during significant price movements, which could signal investor interest.
Historical and Projected Price Movements
A long-term view of LINK’s performance against BTC highlights periods of consolidation and attempted reversals. The chart spans from August 2020 to July 2024, with projections into 2025 and 2026. Recent data shows a 121.93% move from May 2022 to June 2023 and a 155.15% move from June 2023 to a point in 2024.
The recent higher lows are forming a support trend line, while the crucial resistance level at 0.00044880 BTC is pivotal for strong breakouts upwards. The future outlook suggests that LINK needs to break through this resistance to confirm a stronger upward move.
LINK vs. ETH: Short-Term Performance
A comparative analysis of LINK and ETH over a 24-hour period reveals key insights. Both cryptocurrencies show volatility, with ETH displaying slightly higher fluctuations. The time frame spans from 9:00 PM on July 27th to 9:00 PM the following day.
Source; CoinMarketCap
Both cryptocurrencies peaked around 6:00 PM, with ETH reaching about 2% growth and LINK slightly lower. After the peak, both experienced a sharp decline, ending the period with a slight positive change from their starting point. Notably, ETH performed marginally better than LINK.
ChainLink’s performance against Bitcoin shows potential signs of a bullish reversal, while its short-term performance against Ethereum indicates similar market trends with slight variations in volatility.
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