Cryptocurrency analyst and trader Michaël van de Poppe is looking at three altcoins and outlining the path forward after the recent market correction.
Starting with Polygon (MATIC), Van de Poppe tells his 150,000 YouTube subscribers that the Ethereum (ETH) scaling solution could potentially hit a new high of $2.70.
“…Overall we are making higher lows. So we are building up the pressure and we are building up towards a new breakout above this all-time high [$2.62].
Right now we are getting into the last resistance point through which if there is an area that you want to look at for potential entries, you’re looking at this green zone here [around $1.80] in which we can be dipping all the way there and still be bullish before we’re going to make a breakout…
…we can be starting to expect $2.70 if this green zone is going to hold.”
Polygon is currently ranging between 0.00002170 BTC ($1.23) and 0.00003500 BTC ($1.98). According to the crypto analyst, Polygon could potentially break out of the range and “start accelerating upwards” and hit 0.00005200 BTC ($2.94).
Next up is the native token of blockchain platform Harmony (ONE). Van de Poppe says that potential short-term buying opportunities exist around the 0.00000417 BTC ($0.24) and 0.00000344 BTC ($0.19) support levels.
“This is an area [0.00000417 BTC] where I want to seek for potential long entries. If this one is lost, I’m seeking for a long entry in this region [0.00000344 BTC].”
The cryptocurrency trader says he is bearish on Harmony and would target profits of between 0.00000090 BTC ($0.005) to 0.00000500 BTC ($0.28).
“…definitely only looking for a bounce play to watch for 0.00000090 BTC to 0.00000500 BTC as most likely we’re going to make a lower high and continue to trend downwards.”
Van de Poppe says that Harmony’s key support levels lie between $0.21 and $0.23. The cryptocurrency analyst warns that Harmony is trending downwards and could plunge to $0.17.
“I think the only crucial support you should be looking at is this entire green zone [between $0.21 and $0.23] which is the range low. So if we dip here, I think you still want to look for potential longs.
However, we’ve already got a lower high taking place here, so potentially the trend is downwards. And if the trend is downwards, I’m also going to look around the area of $0.17.”
Next up is the utility token of the supply chain blockchain VeChain (VET). Van de Poppe says that a potential buying opportunity for VeChain exists at around the 0.00000210 BTC ($0.12) level if the altcoin prints a higher low on the charts. A higher low usually indicates an uptrend in technical analysis.
The crypto trader and analyst says VeChain is sitting at the $0.11 support level but will wait for Bitcoin’s price action to determine the direction of altcoins.
“When it comes to VeChain against USDT we are also back into support at this stage but still we’re looking for confirmation from Bitcoin.
If that one is going to confirm that the market is ready for continuation, that is the moment where altcoins are starting to fire off. And at this moment, I’m not convinced about Bitcoin yet.”