As the crypto market shows signs of recovery, top trader Michaël van de Poppe is charting the paths ahead for six altcoins.
In a new video, Van de Poppe says he’s looking at Cardano and notes that it is showing signs of weakness against Bitcoin (ADA/BTC) as it forms a descending triangle pattern.
“Given those wicks (around 0.000033 or $1.23), the liquidity is most likely beneath those in which a dip toward the support level (0.000029 or $1.08) would not be strange to be happening to Cardano.”
As for the ADA/USD pair, Van de Poppe marks $1.48 and $1.85 as the key price levels to break.
Looking at Chainlink (LINK), the crypto analyst says it is currently following a script that could take the decentralized oracle network up to $28.
“Chainlink following the path.”
Van de Poppe also takes a look at e-sport and video entertainment platform Verasity (VRA). The trader reasons that VRA has not confirmed any sort of breakout and will need to pass key areas of resistance before it enters a new bull cycle.
“This one is unchanged as it bounced from heavy support.
Needs to break $0.01 and $0.0135. If that happens, then $0.024 is next. Overall, might be up for the start of a new cycle.”
Scalable Ethereum sidechain Skale Network (SKALE), has likely bottomed out against Bitcoin (SKALE/BTC), according to Van de Poppe. He would like to see the asset break through resistance at 0.00000814 BTC, worth about $0.30, to indicate a breakout.
“This one is most likely bottomed out too as it’s on heavy support.”
Another coin on the trader’s list is high-throughput blockchain Zilliqa. Van de Poppe notes that while Zilliqa has bounced off heavy support against Bitcoin (ZIL/BTC), it must take out resistances at 0.0000027 ($0.10) and 0.00000347 ($0.13) to reverse its trend.
“Heavy bounce from support here, through which the next resistance zone is around 270 sats (0.0000027).”
Looking at decentralized hosting platform Holo, Van de Poppe says he’s looking at a couple of scenarios that could ignite a breakout against Bitcoin (HOT/BTC). According to the crypto trader, HOT/BTC must take out resistance at 0.0054, worth $201 at time of writing, to kick off a rally.
“This one has fully retraced and therefore could be interesting. I’m looking at two potential scenarios here.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Shay Yacobinski