As the crypto markets rebound, a prominent analyst and trader outlines his predictions for a handful of leading crypto assets.
Messaged to his 557,000 followers, Micha*l van de Poppe claims a greener pasture awaits Bitcoin (BTC) if the crypto can hold the $ 42,000 support level.
“If the area around $42K holds, I’m assuming we’ll start looking upwards.
Above $43K we might accelerate towards $46K as there’s not much in between for Bitcoin.”
Currently, Bitcoin is up 2.32% and priced at $43,639.
The analyst next looks at decentralized network Ethereum (ETH), which recently snapped out of a month-long slump. He’s eyeing two key levels to see where the leading smart contract platform is headed moving forward.
“Good bounce from Ethereum.
Levels I’m watching are $3,350 and $3,600 to break for further bullish perspectives.”
Ethereum is currently up 3.76% for the day and trading at $3,345.
Van de Poppe moves on to distributed ledger XRP, which last traded above a dollar on December 23rd and has been ranging between $0.70 and $0.80 over the past week. The analyst highlights in his chart how XRP is trading in the same range as it did right before breaking out last summer.
“Not the worst spot to be looking at XRP, to be honest.”
XRP is trading for $0.79 at time of writing.
Looking at enterprise-grade scalable blockchain platform Elrond (EGLD) in the EGLD/BTC trading pair, Van de Poppe highlights the 0.004217 to 0.004834 range, which the altcoin hit in November and December of last year before its most recent major breakout.
“EGLD might be bottomed.”
Elrond has seen choppy price action this past month, falling from a December 15th high of $338.55 to a low of $186.88 on January 7th. ELGD is up 2.55% on the day and changing hands for $211.93.
Van de Poppe wraps up his crypto predictions by examining supply chain management project VeChain (VET) on the VET/BTC trading pair. The analyst thinks the VeChain chart mirrors past price action and VET might break out after further consolidation within the range of support.
“For VET, this one is still showing movements which are comparable to the price action we’ve seen in 2020-2021.
Didn’t break through a crucial resistance.
Some more consolidation until a new impulse move can start.”
VeChain has gotten a nice 5% boost today and is worth $0.08 at time of writing.
Featured Image: Shutterstock/ParabolStudio/Nikelser Kate