Widely followed crypto analyst Michaël van de Poppe is eyeing three popular altcoins for potential entry points and price targets.
The trader tells his 612,700 Twitter followers that proof-of-stake blockchain Cardano faces an important test just above $0.50, which if passed could take ADA as high as $0.63.
“Looking solid and ready for a break if it can clear the $0.507 – $0.51 area.
If I’d want to long, a harsh rejection here and test around $0.46 would be something.
Otherwise flip $0.51 is $0.535 / $0.59 / $0.63 next.”
At time of writing, Cardano is up a fraction and changing hands for $0.504.
Next on the analyst’s list is decentralized oracle network Chainlink (LINK). He says if falling market prices indicate a higher low (HL), then he’ll look for a chance to enter on a long time frame.
“Not interested in a long on this one, until we flip gray and/or $8.
Overall, if the markets are correcting and seeking for a HL to be played, then I’m going to look for green for a potential long entry and then play towards $8 and/or $9.25.”
Chainlink is in the green by 3.56% on the day with an asking price of $7.35.
The last coin on the trader’s radar is next-generation video sharing protocol Verasity (VRA). Van de Poppe says he’s keeping an eye out for a possible bullish divergence, a metric where a lower low appears on the price chart but then a corresponding indicator shows a higher low.
“Heavy correction as it’s down more than 90%.
Higher time-frame support zone, through which a bullish divergence might be popping up here.
This could indicate that we’re having some short-term reversal.
Verasity is currently up 2% and trading for $0.0058. VRA was worth more than $0.08 last November but has steadily declined ever since.
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