Popular crypto strategist and trader Michaël van de Poppe is spotlighting the key levels of support for Cardano and Chainlink as Bitcoin struggles around $30,000.
In a new video, Van de Poppe tells his 108,000 YouTube subscribers that Cardano (ADA) is currently holding support above $1.00, but if that level is lost, the crypto analyst is looking at two levels where buyers could step in.
“If Cardano is going to lose this point ($1.00). I don’t believe we’re going to hit this one once again. I think we’re going to look at support around $0.70 and potentially around $0.82.”
Van de Poppe is also drawing a bullish scenario for Cardano should the Ethereum competitor manage to stay between the $1.00 and $1.15 range.
“On the upside, we’re still making lower highs. So in order to break that momentum, obviously, Cardano has to flip and break above $1.48. But if it does break or test $1.31, that is the first level. If it wants to become bullish, first test $1.31, preferably, only a minimum consolidation.
If we reject at $1.31 again and come back down towards this green zone, you can see that we’re just tumbling over, and the chances that we’re going to test these levels around $0.70 to $0.90 are significantly increasing.”
Looking at Chainlink, Van de Poppe says the decentralized oracle network might be going through the final stages of its crash against Bitcoin (LINK/BTC). The crypto trader highlights that LINK/BTC is currently hovering around support of 0.00045 BTC or 45,000 satoshis, worth about $13.46 at time of writing. If the pair breaches its immediate support, he sees LINK/BTC dropping down to 0.0004 BTC or $11.96.
“What do you want to see right now with Chainlink? You want to see that it regains 49,000 sats ($14.65). If it does that, the chances are that we’re getting back towards this range high (57,000 sats or $17.04) here again, consolidate down towards 49,000 [satoshis] and then the new uptrend starts.”
Should Chainlink follow the script, Van de Poppe predicts that it can rally to 0.00075 BTC ($22.43), marking a potential increase of over 63% from its current price of 0.00046 BTC ($13.76).