A popular analyst is digging into the charts to update his price targets for a handful of leading crypto assets.
Michaël van de Poppe first tells his 622,600 Twitter followers that he’s keeping a close eye on support levels for scalability and interoperability ecosystem Cosmos (ATOM), which recently gave up gains from the latest leg of an extended rally dating back to mid-June.
“At massive levels of support here, which is reasonable for long entries.
If this one is lost, I’m looking at $8 next.
Holding here = potential trigger towards $18-20 in the coming month.”
At time of writing, Cosmos is down 8.59% over the past 24 hours and priced at $10.83.
Moving on to crypto lending and borrowing protocol Aave (AAVE), the crypto strategist says that in light of the recent marketwide corrective, he sees the altcoin as a candidate for range trading with support at $80 and resistance at $103.
“This one is trending down as the entire market is correcting.
Fake-out above resistance and drop beneath $103 caused an acceleration of the correction.
Looking at $80-82 for support. Looking at $103 for crucial resistance. Range-bound plays.”
Aave has been sliding into the red all week, currently down nearly 15% on the day and trading for $84.31.
Also on Van de Poppe’s watchlist is enterprise-grade blockchain platform Elrond (EGLD), which has been steadily dropping since August 10th. The analyst is setting two levels of support: one at $50 and then $44 if the first capitulates.
“An important level of support and confluence on multiple timeframes.
Gap has been filled, which was practically the last one. Arguments for a bottom around the markets could be there.
Resistance at $57. Break there = new highs. Support: $50 and $44.”
Elrond is down 8.79% and changing hands for $52.37. The altcoin was trading above $69 just a week ago.
Regarding cross-chain interoperability protocol Polkadot (DOT), the crypto analyst thinks that a rally to $8.40 is possible if $7.70 is recaptured. However, Van de Poppe cautions about the potential for DOT to lose support at $7.
“Looking for a trigger on this one if we reclaim $7.70, as then a retest at $8.40 is likely.
Otherwise, the patience game happens, and you’ll have to see whether sub-$7 is a trigger for longs.”
Polkadot’s price mirrors the overall crypto market slump to end the week, with DOT currently in the red by nearly 12.5% and valued at $7.35.
In response to the altcoin’s mid-week rally in defiance of broader market trends which was soon followed by a sharp corrective move, the trader advises his followers to not go running after coins that are already pumping.
“Looking at the structure, you should learn a lesson from this recent move of EOS. Avoid chasing pumps!
In this case, I’d be looking at confirmation if we dip to $1.18 and reclaim $1.30 afterward for longs. The same goes for reclaiming the $1.40 area.”
Back on Tuesday, EOS leaped by 27.9% from $1.29 to $1.65, but has since worked its way back down. At time of writing, EOS is down 16.24% and changing hands for $1.27.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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