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.”
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