LINK Price Needs to Hold Above $4.15 to Prevent Further Retrace: Prominent Analyst

u.today 2020-06-30 14:20
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Full-time trader and analyst Michael van de Poppe has commented on the recent retrace of Chainlink (LINK) after a rise to the $4.92 high, saying that dropping below the $4.06-$4.15 level will not be good for the coin.

‘You don't want to see it drop below $4.06-4.15’

Michael van de Poppe, also known as ‘Crypto Michael’ has commented on the recent retrace shown by Chainlink from the $4.92 level to $4.53, where it is currently trading.

Image via CoinMarketCap

Calling this retrace an unhealthy one after the previous run-up, the analyst warned that going below the $4.06-$4.15 zone would cause an even bigger fall back.

Holding above said levels could make it possible for a rise to resume.

Image via Twitter

Recent major Chainlink use case

Recently, U.Today reported that Chainlink oracles are going to be implemented by the South Korean Fletachain platform supported by the local government.

Chainlink’s resources will be utilized for connecting and validating the off-chain health data of patients. This use-case will enable doctors and patients to manage clinical records easily, as well as share them.

This is believed to be a reason for the recent upsurge of LINK.