Michaël van de Poppe is plotting the price direction of the altcoins Algorand (ALGO), The Sandbox (SAND), Chainlink (LINK), Curve DAO Token (CRV) and Swipe (SXP).
In a new video, the crypto analyst tells his 158,000 YouTube subscribers that Algorand is entering into a period where traders should ideally place their money at bottom price levels to make the most of swing trade opportunities.
[adinserter block="1"]“What is the level that I preferably want to see Algorand breakthrough?
That’s this entire block that we have here at $1.75.
If that one breaks, we can clearly see continuation happening on the markets as right now we are facing resistance.
After a beautiful bounce, you can see that we are already up approximately 30% to 35% and if we break through this one, the next resistance point that we can actually attack is the area around $2.10 to $2.25.”
Van de Poppe says that SAND offers a great day trade opportunity at the retest level of around $5.25.
“If the area around $5.10 is lost, a re-test at $3.95 or perhaps even $3 is most likely going to take place.”
The analyst also identifies the potential entry points for CRV, which is currently facing resistance at around $6.
“I would definitely be looking at entry points around $4.50 as the first one and if we do make a break above $6.10, I think you want to buy that flip as well targeting $8 or targeting even potentially around $10.”
For Chainlink, he says traders could start building their positions between $13.86 and $16.71.
“Crucial break for this one is to break through $23.50.
If that one breaks, the next test is going to be $35 and then we’re most likely getting ourselves in a new upwards trend.”
As for Swipe, van de Poppe says that the crucial resistance level that the coin has to break is at around $2.20.
“If that one breaks, you know that you could be looking at a potential level to flip where you can start building your positions, but when you’re looking at the structure in this case, I think you clearly want to wait until we get a re-test happening around $1.70.”
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/jamesteohart/Nikelser Kate
