Renowned cryptocurrency analyst and trader Michael van de Poppe shared potential entry points for a midrange Ethereum competitor and two additional altcoins.
Explaining his views in a new video, van de Poppe stated that he is closely following Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance (DeFi) applications.
According to the crypto strategist, Algorand’s bearish chart against Bitcoin (ALGO/BTC) over the past few months has brought the pair to a significant level of interest.
“There are a few key levels of support we need to look at. The first is the level we’re seeing here right now. [0,000002635 BTC veya 1,35 dolar] and the entire block below this level will become an important region for potential entry points.”
Van de Poppe thinks that as long as the ALGO/BTC pair trades above the support level, there is a chance to ignite a nearly 40% resistance increase at 0.00003620 BTC or $1.85.
Algorand (ALGO) At the time of writing, it is trading at $ 1.37, while Bitcoin is trading at $ 51,122.
The next crypto asset is a scalable smart contract blockchain platform designed for businesses. Elrond (EGLD) it happened.
Van de Poppe stated that he expects Elrond to continue correcting against Bitcoin (EGLD/BTC) until it reaches a key support level.
“This entire blog [0,004220 BTC veya 215.72 dolar civarı], this is definitely the area I focus on for potential trades because then we will also have retested the previous high for support. This will be the final entry point for Elrond.”
Elrond is trading at $261.32 at the time of writing.
The last crypto asset on the list is a blockchain platform created to help companies optimize their supply chains. VeChain (VET) it happened.
According to the famous analyst, VeChain needs to eliminate two key areas of resistance against Bitcoin to ignite an uptrend.
“Preferably what is the level I want to see the VeChain breakthrough? I would love to see this entire block break around 0.00000190 BTC ($0.09).
And then the second level I want to see the breakthrough will be the whole level around 0.00000210 BTC ($0.11). Because if this level is broken I think we are broke or facing this recent high (0.00025 BTC or $0.13). We create ourselves a higher bottom and then we have a new trend starting up.”
VeChain is trading at $0.08 at the time of writing.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.