Popular crypto analyst Michaël van de Poppe thinks altcoins will demonstrate a variety of responses to the market’s recent price momentum.
Van de Poppe tells his 578,600 Twitter followers that proof-of-stake blockchain Cardano (ADA) is taking liquidity and running upwards into resistance.
The trader says the Ethereum (ETH) competitor might continue to move up towards the $1.45 price range, but he cautions that he “wouldn’t chase a long here.”
ADA is trading at $1.19 at time of writing.
Van de Poppe also thinks the native token of another ETH competitor, Fantom (FTM), could be about to scrape up against resistance.
“This one is showing strength now too after sweeping the lows for liquidity. Looking to see whether we can chase the resistance at $1.50 and that’s going to be a heavy one. Until then we can have some momentum upwards.”
FTM is trading at $1.40 at time of writing.
Van de Poppe urges caution with high-throughput blockchain Zilliqa (ZIL).
Last week, ZIL surged from around $0.049 all the way to a high of more than $0.118. The 87th-ranked crypto asset by market cap is trading at $0.102392 at time of writing.
“Wouldn’t really chase any trade here, wouldn’t short it either until confirmation. For some trades, first level I’d be looking at is the $0.08 region.”
Conversely, Van de Poppe thinks MANA, the native asset for virtual reality platform Decentraland, could be on the verge of breaking out.
“This one is slowly waking up here. Fighting resistance, but if it breaks that, liquidity pops up and we could see a continuation of 35% towards $3.75.”
MANA is trading for $2.69 at time of writing.
The analyst also sees potential gains on the horizon for RUNE, the native asset for decentralized exchange protocol THORChain.
“This one is continuing to show strength. Minimal correction should lead towards further upwards momentum as it’s currently fighting resistance. Looking at $9.30 to hold. If we break upwards, then $13-14 might be possible.”
RUNE is trading for $11.99 at time of writing.
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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.
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