Altcoins Gearing Up To Potentially Double in Price As Bitcoin Relief Rally Ensues, Says Crypto Analyst
A popular crypto trader is eyeing possible price increases for a trio of crypto assets as the markets head into summer.
Crypto strategist Michaël van de Poppe tells his 608,100 Twitter followers the recent Bitcoin (BTC) bounce back from a price dip could mean that both BTC and altcoins are primed to go on a run this month.
“The odds for a relief rally this month are increasing as Bitcoin recovered this entire move.
Altcoins on the daily time frame [are] also starting to look better.
This could be a relief rally of 50-100% on them. Be ready.”
Looking at Bitcoin specifically, Van de Poppe identifies $30,400 as an ideal support level, adding that a successful defense of the line could see BTC soaring as high as $35,000.
“When it comes down to Bitcoin, it’s back in resistance and chopping around like crazy.
I’d like to see $30,400-ish hold as support. If that holds, finally, then I’m assuming we’ll see $32,800 and potentially $35,000.”
Bitcoin is trading for $30,307 at time of writing.
Next on the trader’s list is decentralized oracle network Chainlink (LINK). He thinks the altcoin’s strength at $7.25 means that what was once seen as resistance (R) could now flip into being a level of support (S).
“Well, $7.25 was indeed holding up for LINK and now it’s continuing the momentum towards $9 and hit that level.
Good S/R flip play.”
Chainlink is currently up 1.59% over the last 24 hours, valued at $8.83.
The last crypto asset on the trader’s radar is the native utility token of the non-fungible token (NFT) marketplace XAcademy Network (XCAD).
“XCAD is showing strength, as it’s moving towards $5 and a crucial breaker.
If we do break $4.80-5.00, then $6 and $8 are on the horizon + big event on the 16th coming up for XCAD.”
XCAD Network is currently priced at $4.53.
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