A popular crypto strategist is tracking the potential fate of the altcoin market as Bitcoin continues to move within a range below $20,000.
Michaël van de Poppe tells his 88,500 Twitter followers that the small-cap blockchain scalability asset Elrond (EGLD) looks strong. He expects a big rally now that the coin has beaten resistance at $17.00.
“Massive strength on this one, still. Breaking through that resistance zone at $17 is a bullish signal. If that area flips for support, continuation is likely towards $28-$30, as described in the chart.”
Van de Poppe is also tracking the long-term trajectory of Ethereum.
“The Ethereum chart is the primary example of the start of a new bull cycle. Points of interest for longs; $425-460.
The next higher high in the impulse wave is most likely going to be $850 or $1,150. Buy the dip.”
In addition, Van de Poppe is keeping a close eye on smart contract platform Cardano.
“[Cardano] is looking bullish as well for 2021. Higher highs are made in confluence with higher lows as support/resistance flips.
If a correction occurs, I’m interested in around $0.11. Target points at $0.27 and $0.38-0.42.”
After XRP’s recent rise $0.74 and subsequent drop to $0.50, the analyst says the third-largest cryptocurrency by market cap is approaching a crucial juncture.
He says XRP needs to hold the line against Bitcoin at 0.000024 or 2,400 satoshis, which is currently about $0.47. If XRP can do that, Van De Poppe expects a rally to follow.
“XRP approaching the area of interest, that I’ve pointed out some weeks ago. Interested around that 2,400 sats region, which might give a relief rally of 20-25%. As long as it holds for XRP.”
As for the crypto king, Bitcoin, Van De Poppe says he doesn’t expect a big breakout above $20,000 in the near term.
“Bitcoin price action is very comparable to the price action around the halving and in August. Most likely we’ll take liquidity above the high as a fakeout, after which we’ll drop south to test the ranges. I’ve made this overview as an explanation.”