The widely-followed crypto analyst Michaël van de Poppe is updating his outlook on XRP (XRP) and VeChain (VET).
The popular analyst tells his 643,300 Twitter followers that payments solution XRP could plummet by more than 22% if it fails to recover a key level quickly.
“This one looks a bit odd, as we’ve seen a harsh rejection at $0.370. I’d prefer to see XRP reclaim the level at $0.343 relatively fast, otherwise, a ton of liquidity is on the downside to be taken (comparable with Bitcoin). $0.265 massive support.”
At time of writing, XRP is changing hands at $0.341.
Next, he says VET is on a downward trajectory. But he says there is a slight possibility for a bullish reversal if the enterprise solution blockchain can get above a key price area.
“This one is clearly trending downhill. And continues to do so. Potentially: bullish divergence implying a reversal. Bullish divergence only valid if $0.016 gets cleared. Otherwise, trend remains downwards.”
At time of writing, VET is valued at $0.015.
He also analyzes the support and resistance levels for Bitcoin (BTC) in new strategy session video. He tells his 164,000 Youtube subscribers that a rally to as high as $17,700 is possible, while a new support level as low as $15,800 is likely if there is a move down.
“The moment that we’re going to break to the upside, the resistance at $17,400 is going to be quite clear. The same goes for $17,700. If we’re going to have a reversal or at least continue to grind, I think that a run toward these levels is pretty much what I’ll be looking at when it comes to the price action of Bitcoin.
On the downside, we’ve got some support levels. First of all, we’ve had this area at $16,600, which generated a little bit of a bounce, and $16,400 is the more important one. Then if we’re looking at this entire structure, we also have the case of $15,800 as the next support if we keep on trending down.”
At time of writing, Bitcoin is valued at $16,558.
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