As Bitcoin recovers from its free-fall and trades above $65,800, altcoins too have geared up. The defi protocols ETH and BNB are up by 1.5 and 1.2% respectively. XRP too is up by 1.5%. However, ADA and SHIB have failed to pick up as they trade in red as of now.
As the digital asset market prepares for a new phase of the bull cycle, crypto expert Michal van de Poppe has identified five altcoins that he believes will perform well.
The trader tells his 144,000 YouTube subscribers in a new strategy session that he’s keeping a close eye on Cosmos, a project dubbed “the internet of blockchains.” Van de Poppe believes Cosmos will trade in a wide range versus Bitcoin (ATOM/BTC) before bottoming out.
He says the entire region [0.00045 BTC – 0.00037 BTC valued $29.19 – $24] is definitely what he is looking for as a potential entry point in the near future.
At the time of writing, ATOM is trading at $33.08 up by 1.5% in the last 24 hours. The resistance on the upside is at $33.4 from here.
Chainlink, a decentralized oracle network, is the second altcoin on Van de Poppe’s radar. Chainlink (LINK/BTC) is still in a downturn, according to the crypto researcher, but he expects the pair to start rallying early next year.
“We may be nearing the conclusion of this corrective period, and we may want to split this one up and flip some levels before continuing.”
He explains that at this point, moving averages are also coming into play, resulting in this sideways motion, but once the moving averages are flipped, this is absolutely one he wants to purchase.
At the time of writing LINK is trading at $34.17 up by 0.6% in the last 24 hours. The immediate resistance on the upside is at $34.43, while the support to fall back to is at $32.83.
The curve is the governance token of Curve Finance, a stable coin-focused decentralized exchange (DEX). The curve is exhibiting some momentum versus Bitcoin (BTC/CRV), according to the trader, but the pair must break through the barrier at 0.0001 BTC ($6.49) to continue bullishly.
At the time of writing, CRV is trading at $4.13 down by 2.8% in the last 24 hours. The immediate resistance on the upside is at $4.25 and the support to hold on to is at $4.6.
The loan and borrowing protocol Aave is ranked fourth on Van de Poppe’s list. AAVE/BTC, according to the crypto analyst, is just one barrier away from beginning a major surge.
He says he is anticipating acceleration all the way to the highs (0.01 BTC worth $646.56) if we break through this one (0.005690 BTC worth $367.89), most likely to the opposite side of the range.” We’ve seen this happen before.”
At the time of writing, AAVE is trading at $315.88 up by 0.7% in the last 24 hours. The resistance from here is at $318 and the support is at $311.
VeChain, a supply chain management blockchain, is the last altcoin the analyst is looking at. According to Van de Poppe, VeChain is still in a slump against Bitcoin (VET/BTC), although support at 0.0000015 BTC ($0.09) could lead to a trend reversal.
He explains that we’re seeing lower highs and lower lows here, and he believes we’ll see a retest at these lower boundaries. Before we start expanding into a new cycle, you want to get a retest going in this region here, but obviously, a lovely one that is experiencing those cycles.
At the time of writing, VET is trading at $0.166868 up by 3.5% in the last 24 hours. It is currently at its 24 hour high after bouncing off from the $0.155240 level.