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Michael Predicts LINK to Pump 3X With 200-Day EMA and SMA Crossing

Published 02/15/2023, 04:53 AM
Updated 02/15/2023, 05:00 AM
Michael Predicts LINK to Pump 3X With 200-Day EMA and SMA Crossing

  • Michael van de Poppe tweeted a video link to his latest Youtube video yesterday.

  • The trader revealed that he expects a 3x pump in LINK’s price soon.

  • Oscillators on LINK’s daily chart are currently expressing bearish momentum.

The renowned crypto trader, Michael van de Poppe, tweeted a link to a Youtube video yesterday. In the video, van de Poppe revealed that he is bullish on ChainLink (LINK). The reason for this is because the 200-day EMA is on the verge of crossing the 200-day SMA on LINK’s chart.

The trader added that the last time this cross happened in 2019 it resulted in a 2x gain for LINK. As a result, the trader stated that he expects the price of LINK to print a 3x again, should this cross happen.

Daily chart for LINK/USDT (Source: TradingView)

Looking at the daily chart for LINK/USDT, the price of LINK has bounced off of a medium-term positive trend line over the last 24-48 hours to now trade at its current level. Momentum oscillators on LINK’s daily chart are flagging bearish at press time. It suggests that LINK’s price may make another move below the positive trend line in the coming days.

Currently, the 9-day EMA is trading below the longer 20-day EMA after the two EMAs crossed on 12 February, 2023. In addition to this, the MACD line is positioned below the MACD SMA line and the MACD Histogram is negative at press time.

Despite the bearishness expressed by the momentum oscillators on LINK’s daily chart, the bullish thesis presented by van de Poppe is supported by the bullish ascending triangle chart pattern present on LINK’s daily chart. The base for this bullish chart pattern is the key resistance level at $7.214.

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Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Michael Predicts LINK to Pump 3X With 200-Day EMA and SMA Crossing appeared first on Coin Edition.

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