High-profile crypto trader Michaël van de Poppe is analyzing four altcoins that recently broke out, and he’s also tracing the path of Bitcoin and Ethereum.
Upon request from his 361,000 Twitter followers, Van de Poppe takes a look at proof-of-stake blockchain Terra (LUNA), which is up 3.6% on the day at time of writing, trading at $17.54.
Van de Poppe says he is not interested in LUNA at the current price, but if the asset breaks down to $15 or even $11.50, he might consider a trade.
The analyst’s next target for LUNA is around $19.32. He says that LUNA must hold the $16.35 support level to signal further continuation.
Next up, Van de Poppe discusses the peer-to-peer transfer network Ravencoin (RVN).
Van de Poppe says he’s currently not interested in longing RVN in its Bitcoin pair (RVN/BTC), but if it retests support at 0.00000234 BTC or 0.00000261 BTC ($0.11 or $0.12 at time of writing), the analyst will consider a trade.
Ravencoin is trading at $0.15 at time of writing, according to CoinGecko.
As for scalable blockchain Cosmos (ATOM), Van de Poppe says that he expects the asset to retest support around $12.772 this month, then soar back up to $17 in September before reconquering the $20 area by November.
At time of writing, ATOM is trading at $15.10.
The fourth altcoin Van de Poppe discusses is decentralized trading platform Wootrade Network (WOO), which is trading at $0.867 at time of writing.
Van de Poppe says Woo is facing resistance at $0.91. The analyst might consider a trade if WOO dips back down to $0.71 or $0.55.
As for Bitcoin, Van de Poppe says that the leading crypto is looking to flip $45,000 into solid support. The analyst says he will not be taking any trades as Bitcoin approaches the resistance zone from $47,000-$49,000.
At time of writing, Bitcoin has entered that resistance zone and is trading at $47,510.
Van de Poppe says that if Bitcoin continues this run-up into the resistance area this weekend, it will most likely be a fakeout. He says, however, that if BTC takes on a run during the week, then it could be on a legitimate rally.
Ethereum (ETH) is facing resistance as well at around $3,270, according to the analyst. Van de Poppe says he might consider a quick trade at $3,160.
ETH might crack through the resistance area, but that will depend on how Bitcoin performs at the current stage, says Van de Poppe.