A widely followed crypto analyst is updating his outlook on several leading altcoins as the markets stumble.
Crypto trader Michaël van de Poppe tells his 618,000 Twitter followers that Cardano (ADA) is currently meeting resistance.
“ADA
Looking strong here, but at resistance.
If we crack through, I’m assuming we’ll see $0.67 next, but I’d preferably want to long or seek for longs around $0.48 region.”
ADA is trading for $0.49 at time of writing.
Van de Poppe says layer-1 protocol Avalanche (AVAX) is facing a resistance similar to the rest of the crypto markets.
“AVAX
Still looking at a scenario like this as the entire market is facing resistance at this point (at least a bit overextended).
Same goes for AVAX.”
AVAX is trading for $24.98 at time of writing.
The trader tells his followers that the high-throughput blockchain Zilliqa (ZIL) will likely see a dip.
“ZIL
This one looking for some dip plays here around $0.0375 or potentially looking at $0.041 for a new possible trade.
That could be a trade towards $0.052.”
ZIL is trading for $0.041 at time of writing.
The analyst then looks at Ethereum (ETH) layer-2 scaling solution Polygon (MATIC), predicting a substantial drop from MATIC’s current price of $0.92.
“MATIC
I’d be looking at regions around $0.73 for longs.
Already mentioned earlier that it was overextended around $1.”
Looking at layer-1 blockchain Fantom (FTM), the widely followed analyst expects FTM’s current correction to continue.
“After a big impulse, there’s usually a substantial correction.
The same goes for FTM.
A significant run and momentum are upwards, but corrections take place during such a momentum.
Now, regions for longing are found overall and could be played.”
FTM is trading for $0.33 at time of writing.
Finally, Van de Poppe takes on the king crypto Bitcoin (BTC), calling the mid-to-low $22,000 region a potential area for BTC longs.
“A potential area for longs on Bitcoin is approaching too.”
BTC is trading for $23,029 at time of writing.
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