In a recent update, renowned crypto analyst Michaël van de Poppe shared his insights on altcoins on Twitter, focusing specifically on Litecoin (LTC) and Chainlink (LINK). With a significant following on Twitter, van de Poppe offered his perspective on the current state of the altcoin market, highlighting the potential opportunities and price movements that lie ahead.
Altcoin Market’s Crucial Support Levels
According to van de Poppe, the total market capitalization for altcoins is currently experiencing robust support at the 200-week moving average (MA) and the exponential moving average (EMA). These technical indicators suggest that altcoins are poised for a potential upward surge 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.
Litecoin’s Impending Halving
Moving ahead, van de Poppe specifically analyzed Litecoin (LTC) and its upcoming halving event. The Litecoin halving, which occurs every four years, involves a reduction in the block reward for mining Litecoin. This reduction in supply often leads to an increase in the cryptocurrency’s price.
While analyzing he is clear that Litecoin is currently battling the 200-week MA and EMA, signifying an impending breakout. With Litecoin’s halving expected in August of this year, van de Poppe expresses confidence in the coin’s potential and describes it as “Litecoin looks bueno.” (good) heading into this significant event.
Also Read: Litecoin Halving Event: Here’s How High LTC Price Can Rally in Coming Months
Hence, “If those sustain, a new impulse move to the upside is likely.”
Chainlink: An Opportunity of a Lifetime
Additionally, van de Poppe reiterates his long-standing belief in Chainlink’s (LINK) investment potential. He describes the current price zone between $6-8 as an “opportunity of a lifetime.” This sentiment has been echoed by the analyst since at least February of this year, emphasizing the substantial upside that he sees in Chainlink. With Chainlink trading at $6.39 at the time of writing, van de Poppe’s endorsement carries weight among investors and crypto enthusiasts.
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