A widely followed crypto analyst is updating his followers on the state of altcoins, looking at Litecoin (LTC) and Chainlink (LINK) specifically.
Crypto trader Michaël van de Poppe tells his 657,300 Twitter followers that the total market cap for altcoins has “heavy” support on the 200-week moving average (MA) and the exponential moving average (EMA).
“Total market capitalization for altcoins is on a crucial level.
It shows that we’re looking at a heavy support on the 200-Week MA and EMA.
If those sustain, a new impulse move to the upside is likely.”
Looking specifically at LTC’s 200-week MA and EMA, Van de Poppe says Litecoin is ready for price movements as we approach the altcoin’s halving.
“Litecoin fighting the 200-MA and EMA again on the Weekly timeframe.
Primed for a breakout, as we’re getting closer to the halving.”
The Litecoin halving is an event that occurs every four years where the block reward for mining Litecoin is cut in half. This reduces the supply of Litecoin and can lead to an increase in price. The trader thinks LTC looks good heading into its halving, expected in August of this year.
“Litecoin looks bueno.”
Litecoin is worth $94.52 at time of writing, up 9.4% in the last week.
Finally, retweeting a post from a few days ago, Van de Poppe calls Chainlink’s current price zone “the opportunity of a lifetime,” a sentiment he’s been expressing since at least February of this year.
“Chainlink between $6-8 is an opportunity of a lifetime.”
LINK is trading for $6.39 at time of writing.
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