Important statements for an altcoin came from Michaël van de Poppe, who is on the agenda with his influential views in the crypto money world. Analyst looks at Chainlink’s long lateral stance. Is this a “buying opportunity or time to sell?” It answers the question: Let’s look at the details.
Altcoin Chainlink: An ongoing opportunity
While not the most flashy topic in the crypto world right now, Chainlink has been quietly sideways. It also presents a potential investment opportunity. Here the following question arises. Should you continue to hold your Altcoin Chainlink assets or consider parting ways?
Would #Chainlink still be considered as a buy?
I know, it sounds boring, but Chainlink is still going sideways and still an investment opportunity.
Why would that be the case? Wouldn't you be better off selling the entire bag and just leaving it alone for the coming period? 👇… pic.twitter.com/j52Ul93som
— Michaël van de Poppe (@CryptoMichNL) September 5, 2023
Altcoin Chainlink has been following a sideways path for a surprising 483 days. This corresponds to more than 15 months. Also, the LINK/BTC pair has been in a persistent downtrend for over three years. Such prolonged periods of recession can be frustrating for investors. On the other hand, it may lead some to question whether it is time to move on.
Impact of recent events
The price of altcoin Chainlink took a hit after the release of the Cross-Chain Integration Protocol (CCIP). In the current market sentiment, big news often results in significant selling. It is also noteworthy, especially since we have not witnessed a bull cycle similar to the hype of 2021.
At this point, of course, patience is important. However, we see that boredom sets in during these periods of sideways movement and downtrends. On the other hand, it is necessary to admit that the interest has decreased. Still, in the long run, the impact of CCIP is poised to be significant. CCIP is gradually impacting Chainlink’s valuation, just like the transition from Proof of Work (PoW) to Proof of Stake (PoS) did for the altcoin Ethereum.
Undervalued potential
When we look at Kriptokoin.com, the analyst also points in a different direction for Chainlink. The altcoin LINK remains undervalued when compared to its expected future value, which is supported by the recent fundamental launch of CCIP. Currently, Chainlink’s valuation is 85% below its all-time high (ATH) reached without CCIP integration. While price action may not scream momentum, it’s crucial to remember that some of the most significant profits in the crypto market come from investing in uncertain times.
The current situation offers exactly such an opportunity. Chainlink is trading close to its lower range. On the other hand, the BTC pair gives hints of a possible uptrend on the weekly timeframe. As a result, Chainlink’s long horizontal journey is uneventful. But it’s important to recognize the potential for future growth, especially with CCIP’s impact on the horizon. Patience will be the key to unlocking the rewards of this undervalued asset, even in times of uncertainty.
