Popular crypto analyst and trader Michaël van de Poppe lays out his predictions for four altcoins amid an extended crypto market correction.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that looking back at past cycles can be a good barometer of what might be on the horizon.
The analyst starts by discussing the price action of the decentralized oracle network Chainlink (LINK)noting that
“[In the] In the previous cycle, we previously had a big run and then a long-term accumulation before we started running back down or before we started having another rush on Chainlink.
Big run of 2019, Chainlink was one of the big winners during this period. Also a large drawdown where we retest this order block [between $1.50-$2.00] before we start walking again.
We didn’t actually test this tier [between $1.50-$2.00]… Yes, we did during the March 2020 crash, but we didn’t actually test that entire block, which was obvious, to retest and actually get entries. But as you can see in this example, we’re not testing there again.“
According to Van de Poppe, LINK is now following a similar pattern as in March 2020.
Chainlink is up more than 10% on the day and is changing hands at $12.08.
Continue to decentralized crypto exchange Uniswap (UNI) the chart guru notes that the altcoin has followed the trend of many altcoins over the past year with large price increases followed by a series of declines.
At the time of writing, Uniswap is recovering strongly with a 16.26% gain and a price of $7.84.
“VeChain is also having a good run… And looking back at the previous run we also had this blast and then a retest of the previous high and this entire block right. A retest of this block leading towards expansion and continuation. So if you look at the price action itself, sideways accumulation here was a retest of the previous high, so in this assumption it makes no sense to go below the actual previous high…
I would definitely start accumulating right now and the conclusion can be said that we are 85% down and we are entering this interesting zone here [$0.03 to $0.04].”
VeChain is also booming and is currently up 14.82% at a price of $0.053.
Van de Poppe completes his altcoin deep dive with the enterprise-class blockchain platform Fantom (FTM), saying that investors looking for an entry point should pay attention to their periods of consolidation or sideways accumulation.
Fantom is up 11.51% in the green and is valued at $0.84.
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Source: Crypto News Deutsch