A widely followed crypto analyst believes one mid-cap altcoin may be setting the stage for a bullish breakout.<\/p>\n
Crypto trader Micha\u00ebl van de Poppe tells <\/a>his 666,400 followers on the social media platform X that the blockchain oracle Chainlink (LINK<\/a>) may break out against Bitcoin (BTC<\/a>).<\/p>\n The trader says that although Chainlink has revisited the lower end of a trading range between $7.27 and $5.50, LINK\u00a0may confirm an upward trend if it prints a higher low price against Bitcoin on the weekly timeframe.<\/p>\n According to the trader\u2019s LINK\/BTC chart, he is closely watching whether LINK can confirm the upward trend by staying above 0.000216 BTC ($5.57) after increasing to 0.000236 BTC ($6.08).<\/p>\n At time of writing, LINK\/BTC is trading for 0.000241 BTC ($6.17).<\/p>\n According to the trader, the market has yet to price in Chainlink\u2019s July launch of Cross-Chain Interoperability Protocol (CCIP). He says that CCIP is a huge boost for the network, similar to Ethereum\u2019s (ETH<\/a>) upgrade from proof of work (PoW) to a proof-of-stake (PoS) consensus mechanism.<\/p>\n The interoperability protocol aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.<\/p>\n \u201cChainlink is, as a matter of fact, undervalued compared to their future value with this recent fundamental release of CCIP and the possible growth we\u2019ll be seeing with it, as Chainlink\u2019s valuation is still down 85% from the ATH (all-time high). An ATH without CCIP integrated. <\/em><\/p>\n Yes, the price action doesn\u2019t really mention that we\u2019re having that much momentum, but you should realize that the largest profits and returns are established through buying in uncertain times. This is one.\u201d <\/em><\/p>\n He notes that Chainlink\u2019s price action has struggled for many months.<\/p>\n \u201cThe terrible part is that Chainlink has been acting in a sideways range for 483 days, more than 15 months already, and a downwards trend on the LINK\/BTC pair for more than three years.\u201d\u00a0<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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