Popular crypto analyst and trader Michaël van de Poppe is laying out his predictions for four altcoins in the wake of an extended crypto market correction.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that looking at past cycles can be a good barometer for what might be on the horizon.
The analyst starts by discussing the price history of decentralized oracle network Chainlink (LINK), noting,
“[In the] previous cycle we’ve had a big run previously and then a long-term accumulation before we started to run back down or before we started to have another rush into Chainlink.
Big run in 2019, Chainlink was one of the big gainers during that period. Big drawdown too, in which we retest this order block [between $1.50-$2.00] before we start to run again.
We did not really test this level [between $1.50-$2.00]… Yes, we did during the March 2020 crash, but we didn’t really test this entire block which was obvious to retest and to actually get entries from. But as you can see in this example, we do not retest there.“
Van de Poppe says LINK is following a similar pattern now to how it was trading in March 2020.
Chainlink is up more than 10% on the day and changing hands for $12.08.
Moving on to decentralized crypto exchange Uniswap (UNI), the chart guru notes that the altcoin has followed the trend of many altcoins during the past year of major price increases followed by a series of drops.
At time of writing, Uniswap is rallying in a big way, up 16.26% and priced at $7.84.
Next up is the supply chain management blockchain VeChain (VET), which the trader notes has been on a good run lately.
“VeChain is also having a good run… And if we’re looking back from the previous run we’ve also had this explosion 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’re looking at the price action in itself the sideways accumulation a retest of the previous high took place here right so in this assumption it doesn’t make sense to go beneath that actual previous high…
I would definitely start accumulating already and the conclusion can be said that we are down 85% and we’re getting into that interesting zone here [$0.03 to $0.04].”
VeChain is also surging, currently up 14.82% with a price tag of $0.053.
Van de Poppe concludes his altcoin deep dive with enterprise-grade blockchain platform Fantom (FTM), saying that investors looking for an entry point should note its periods involving consolidation or sideways accumulation.
Fantom is in the green by 11.51% and valued at $0.84.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/bima aldisa
This news is republished from another source. You can check the original article here.