A widely followed crypto analyst is predicting rallies for a handful of altcoins, including the leading smart contract platform Ethereum (ETH) and one of its primary competitors.
Crypto strategist Michaël van de Poppe tells his 643,000 Twitter followers that he expects the second-largest crypto asset by market cap to test the $1,450 price level relatively soon.
“Good response on Ethereum. Have been waiting on this area to give some relief, we’ve got it and [are] facing resistance. If we sustain and keep on making higher lows, I think we’ll test areas around $1,450.”
Ethereum is changing hands for $1,275 at time of writing, a 2% gain on the day.
Moving on to layer-1 protocol Avalanche (AVAX), van de Poppe says he had the plan to take out long positions on the cryptocurrency when it was hovering around $13, but he opted for another digital asset.
He now says he expects AVAX to test the $16-$17 range if it can bust through the $13.75-$14.50 range.
“I was looking for a long around $13 on AVAX. I didn’t trigger it as I went for another crypto, but we’re eager for a test at $16-17 if $13.75-14.50 breaks.”
AVAX is valued at $13.50 at time of writing.
Van de Poppe concludes his analysis with Bitcoin (BTC) alternative Litecoin (LTC), saying that the asset’s price will depend on several factors, including the upcoming Federal Reserve meeting and inflationary indicators such as the Consumer Price Index (CPI) and the Producer Price Index (PPI).
The analyst says that LTC flipping the $76 could trigger a rally.
“Patiently waiting for an entry at $71 or $65, but doubt we’ll get it (probably depending on Federal Open Market Committee, CPI and PPI). Overall, I’m looking at these scenarios and expecting continuation to take place. Lower timeframes; flip of $76 is a potential trigger.”
LTC is moving for $75.56 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/KeremGogus