Crypto analyst Michaël van de Poppe says that Cardano (ADA), Chainlink (LINK) and three other altcoins offer some of the most attractive risk-reward ratios as crypto markets continue to correct.
In a fresh strategy session, Michaël van de Poppe shares with his 165,000 YouTube subscribers that Cardano’s area of interest is somewhere in the $0.70 range, with the potential to rally to its target above $1.00.
“We are currently in a rate bloc that has to hold here, so we are ultimately looking for such a scenario (move above $1.00) where we are just bottoming out. If that doesn’t happen, I’ll look at the next level around $0.38, but these two are the ones I’ll look at if you want to get into Cardano for trading or investing.”
Source: Van de Poppe/YouTube
Looking at the decentralized oracle network Chainlink, Van de Poppe says that LINK is currently in a position that can generate potentially favorable returns for long-term investors.
“If you start a thesis from a). “I want to include Chainlink in my portfolioand I want to start accumulating that from here up to $7″, on average you get that for $9, and that all-time high is $52. If the downside risk is around 30% to 50%, the upside potential is at least 500%. I think it’s always a plus if the project is still going well in general.”
The crypto trader is also watching CRVthe governance token of the stablecoin-focused decentralized exchange (DEX) Curve Finance. According to Van de Poppe, CRV needs to hold its immediate support at $1.93 to generate enough bullish momentum for a strong breakout.
“As long as we stay up there ($1.93) it seems likely that we will continue to move and if we have another higher low here around $2.20 chances are we will crack these ( $3.00). ), and then we’ll look at a test at $3.50 and possibly have a sequel looking to break those highs here ($6.00).
Next comes SKALE (SKL), a Blockchain-Network that allows developers to create and deploy decentralized chains that are fully interoperable Ethereum. Van de Poppe says that SKL can potentially trigger a 5x rally if the bulls manage to regain a key price area.
“As we get into that region between $0.10 and around $0.13, that’s where the investment thesis starts to build as there’s a good chance that if we get a run back we’ll hit that high ($0.30) take out and most likely start with it too ($0.40) and focuses on a new run to $0.60. If you look at that, the ultimate thesis and outlook will get you a 400% run.”
The last coin on the radar of retailers is supply chain management protocol VeChain (VET). Van de Poppe says he sees VET bottoming below $0.039.
“We can see that we have corrections throughout here, but we are making less severe downside lows which could ultimately lead us to these correction end anyway in this region as there are so many higher timeframe support zones. If we get either of these scenarios, the next run will most likely take us towards either $0.15 or $0.12.”
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Source: Crypto News Deutsch