In a recent update, renowned crypto analyst Michaël van de Poppe shared his insights on altcoins at Twitter, specifically targeting Litecoin (LTC) and Chainlink (LINK). With a significant following on Twitter, Van de Poppe gave his view on the current state of the altcoin market, highlighting the potential opportunities and price moves ahead.
Crucial Support Levels of Altcoin Market
According to Van de Poppe, the total market cap for altcoins is currently strongly supported by the 200-week moving average (MA) and the exponential moving average (EMA). These technical indicators suggest that altcoins are poised for a potential upside if they can sustain this critical support level. His observation serves as a beacon of hope for altcoin investors, hinting at the possibility of a bullish market in the near future.
The approaching halving of Litecoin
Ahead, van de Poppe specifically analyzed Litecoin (LTC) and its upcoming halving event. The Litecoin halving, which takes place every four years, entails a reduction in the block reward for mining Litecoin. This reduction in supply often leads to an increase in the price of the cryptocurrency.
While analyzing it is clear to him that Litecoin is currently battling the 200-week MA and EMA, indicating an impending breakout. With Litecoin expected to halve in August this year, van de Poppe expresses confidence in the coin’s potential, describing it as “Litecoin looks good.” (well) on the way to this important event.
Also Read: Litecoin Halving Event: Here’s How The High LTC Price Could Rise In The Coming Months
Hence, “If they continue, a new impulse to the upside is likely.”
Chainlink: an opportunity of a lifetime
In addition, van de Poppe reiterates his longstanding belief in the investment potential of Chainlink (LINK). He describes the current price zone between $6-8 as an “opportunity of a lifetime”. This feeling has passed echoed by the analyst since at least February of this year, highlighting the significant upside he sees in Chainlink. With Chainlink trading at $6.39 at the time of writing, van de Poppe’s support weighs heavily with investors and crypto enthusiasts alike.
