Cryptocurrency analyst and trader Michael van de Poppe is exploring the potential entry points for a mid-cap Ethereum Challenger and two additional altcoins.
In a new video, Van de Poppe tells his 156,000 YouTube subscribers that he Algorand (ALGO), one Cryptocurrency for payments and a Blockchain for decentralized financial applications, keep a close eye on.
According to the crypto strategist, the declining performance of Algorand has opposite Bitcoin (ALGO / BTC) in recent months the couple has taken an important interest.
“W.We have a few key levels of support that we need to look at. The first is the level we are looking at right now [0.00002635 BTC or $1.35] which makes the entire block below this level an important zone that can be searched for potential entry points. “
Van de Poppe says that as long as ALGO / BTC is trading above support levels, it has a chance of getting one resistance igniting by almost 40% at 0.00003620 BTC or $ 1.85.
Algorand is trading at $ 1.37 at the time of writing while Bitcoin is trading hands at $ 51,122.
Next comes the native token from Elrond (EGLD), a scalable smart contract blockchain platform designed for businesses.
Van de Poppe says he expects Elrond to continue correcting against Bitcoin (EGLD / BTC) until it reaches important levels of support.
“This whole block [around 0.004220 BTC or $215.72], this is definitely the area I will be looking for potential trades as we will then also retest the previous high in support. That would be the ultimate, ultimate entry point for Elrond. “
Elrond is trading at $ 261.32 at the time of writing.
Next up VeChain (VET), a blockchain platform that helps companies optimize their supply chains.
According to the crypto trader, VeChain needs two critical areas of resistance to Bitcoin eliminate to spark an uptrend.
“At what level would I most like to see the VeChain breakthrough? I want it to break through this entire block by 0.00000190 BTC ($ 0.09).
And the second one I want to see break through is the entire level around 0.00000210 BTC ($ 0.11). Because if this breaks I think we will break or we will face this recent high (0.0000025 BTC or $ 0.13). We create a higher low, and then we have a new trend that starts up. “
VeChain is trading at $ 0.08 at the time of writing.
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Source: Crypto News Deutsch