Popular crypto strategist Michaël van de Poppe is mapping out what he thinks is in store for Ethereum competitors Cardano (ADA), Fantom (FTM) and Harmony (ONE).
The crypto analyst and trader tells his 564,600 Twitter followers that smart contract platform Cardano must reclaim a key level to ignite a 25% rally.
“This one made a fake breakout above $1.50. Dumped back towards the range. If it wants to retest the $1.50 area, then I’d be looking at a flip and reclaim of $1.20 first.”
At time of writing, Cardano is exchanging hands at $1.04.
Next up is Fantom, a highly scalable blockchain platform for decentralized finance (DeFi), decentralized applications (DApps) and enterprise applications. Trading against Bitcoin (BTC), Van de Poppe says the FTM/BTC pair managed to hold support at 0.00005 BTC ($1.81) and must now take out resistance at 0.000068 BTC ($2.48) to launch a breakout rally.
“Crucial area to hold to avoid a nuke was the 6800 sats zone. Didn’t hold, nuke towards support and a strong bounce from that region already. Support between 5100-5400 sats (0.00005 BTC – 0.000054 BTC), resistance at 6800 (0.000068 BTC) sats. If that breaks -> new impulse wave.”
At time of writing, the FTM/BTC pair is trading at 0.00006 BTC or $2.17.
The last coin on the trader’s radar is Harmony, a blockchain focused on powering a decentralized economy. According to Van de Poppe, Harmony may be positioning for a bounce against Bitcoin (ONE/BTC) after respecting support at 0.000005 BTC or $0.18.
“If you’d want to enter ONE, this is probably the region you’ve been looking for.”
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Featured Image: Shutterstock/Valentyna Chukhlyebova
