Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
December 15, 2020

Top Crypto Strategist Says Several Altcoins Set to Break Out, XRP Could Rally if Key Level Holds

By Daily Hodl Staff

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.

ADVERTISEMENT

“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.”  

Source: Michaël van de Poppe

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.”

ADVERTISEMENT
Source: Michaël van de Poppe

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.”

Source: Michaël van de Poppe

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.

ADVERTISEMENT

“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.”

Source: Michaël van de Poppe

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.”

Source: Michaël van de Poppe
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
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 losses 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/Tithi Luadthong