Crypto analyst Michael van de Poppe examines potential entry points for 3 altcoins, one of which is a midrange Ethereum rival. Van de Poppe says he is closely following Algorand (ALGO), a blockchain. Detail Cryptocoin. com
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Predictions about 3 altcoins
According to the analyst, Algorand’s bearish performance against Bitcoin over the past few months has brought the pair to a significant level of interest. The analyst says:
We have significant support level. The first is the level we’re seeing here right now [0.000002635 BTC or $1.35], making any block below that level an important region to look at for potential entry points.
The analyst says that as long as ALGO/BTC is trading above the support level, there is a chance to ignite a resistance spike of around 40% at 0.00003620 BTC or $1.85.
The next altcoin is the native token of Elrond (EGLD), a scalable smart contract blockchain platform. The analyst said he expects Elrond to continue correcting against Bitcoin until it reaches a key support level. On the subject, the analyst says:
This entire block [around $0.004220 BTC or $215.72], which is definitely the area I would look for potential trades as we are then also retesting the previous high for support. This will be the final, final entry point for Elrond.
Next up, VeChain (VET). According to the analyst, VeChain needs to eliminate two key areas of resistance against Bitcoin to ignite an uptrend. Poppe says:
Preferably what is the level I want to see the VeChain breakthrough? I would love to see this entire block break around 0.00000190 BTC ($0.09). And then the second level I want to see the breakthrough is the whole level around 0.00000210 BTC ($0.11). Because if that breaks, I think we’re broke or facing this recent high (0.00025 BTC or 0.13).
