Crypto strategist and trader Michaël van de Poppe has high hopes for a handful of altcoins amid Bitcoin’s (BTC) recent rally to new all-time highs.
In a new strategy session, the prominent trader begins by outlining his latest analysis on the native asset of the decentralized price feed service Chainlink (LINK).
“At this stage I think that Chainlink is still in the area of interest if you want to get a position on this one. I think that’s completely fine, it’s just ready for a breakout.”
At time of writing, LINK is valued at $28.79, up 5% on the day but flat over the past week, according to CoinGecko.
Next on the trader’s list is Curve DAO Token (CRV), the asset powering the automated market maker protocol of the same name.
He expects the coin to move sideways in the short-term before a fresh breakout begins.
“Curve has been seeing this beautiful retest here, a beautiful structure in which we are most likely going to see continuation towards resistance here, before we have some slight consolidative periods towards the area here and then we are going to break out at some stage later.”
CRV is priced at $2.90 at time of writing, down slightly from its weekly high of $3.05.
Next, van de Poppe looks at the decentralized application (DApp) protocol Skale (SKL), which is designed to help developers bypass congestion on the Ethereum network.
He thinks SKL will begin to rise next month.
“We are most likely in November going to have this breakout towards… 1400 sats before we are going to have the new impulse, new probably final impulse wave, on Skale.”
Right now SKL is going for $0.34, up 11% from its 7-day low but down 25% from the high of $0.42, according to CoinGecko.
Van de Poppe next analyzes the chart for decentralized blockchain indexer The Graph.
“This one is also on the list. [It] has been underperforming in the past months, and actually in 2021 has seen [only] one impulse wave. But if support sustains here… if it continues to make higher lows, then there is a most likely breakout going to take place.”
Currently GRT is valued at $0.88, down 5% from its weekly high but up over 30% from its low of $0.70.
The crypto analyst says he’s looking for the decentralized cross-chain liquidity protocol THORchain (RUNE) to post a higher low, which would suggest another move to the upside is in order.
“When I see this big bounce back up I’m assuming that we’re going to grant ourselves some slight consolidation, grant ourselves a higher low, and then we start continuing.”
RUNE is going for $8.71 at time of writing according to CoinGecko, which is just shy of its weekly high after a low of $7.25.
As for the supply chain platform VeChain (VET), van de Poppe says he’s sticking to his prediction at the beginning of October and looking for the coin to fall to at least 0.00000149 BTC [0.094] before a sustainable uptrend can begin.
“Still waiting on VeChain (VET) to hit those levels.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Standret
Credit: Source link
