Top crypto trader Michaël van de Poppe is spotlighting five altcoins that he thinks are set to take off in August.
In a new video, Van de Poppe says that scalable blockchain network Elrond (EGLD) is finding solid support in its Bitcoin pair (EGLD/BTC) at 0.0018 BTC, worth about $71.52 at time of writing, and could reach between 0.007 BTC to 0.008 BTC ($278-$317) on the next leg up.
Van de Poppe’s EGLD/BTC prediction represents potential gains of over 344%.
The crypto analyst’s call is based on the pair’s price action at the start of the year when it consolidated at 0.0008 BTC ($31.84) before surging to a 2021 high of 0.005 BTC ($198) in February. According to Van de Poppe, a similar move could take EGLD/BTC to his price targets.
Next up is decentralized artificial intelligence tool Fetch.ai (FET), which Van de Poppe says will likely continue its bullish pattern in the next month against Bitcoin. The crypto trader says FET is printing a bullish higher low setup at 0.000005, worth about $0.20, which could ignite a rally to resistance at 0.000027 BTC ($1.07), marking an increase of 440%.
Third on the trader’s list is Ethereum compatible layer-2 solution Skale Network, which is forming a bullish divergence against Bitcoin (SKL/BTC), according to Van de Poppe. If SKL/BTC can print a higher low at 0.0000067 BTC or $0.27, the crypto strategist predicts a bullish ascent to resistances at 0.0000081 BTC ($0.31) and 0.00001 BTC ($0.40).
Decentralized finance (DeFi) lending protocol Kava.io is experiencing buying pressure on the BTC chart (KAVA/BTC) that could drive the value of the pair higher in the coming week, says Van de Poppe. According to the crypto analyst, KAVA/BTC needs to rally above its immediate resistance at 0.00014, worth $5.57, to ascend to his price targets.
“If we break out, I’m looking at 23,000 sats [0.0002 BTC or $9.15]. I’m also going to look at 35,000 to 38,000 [0.00035 BTC to 0.00038 BTC, or $13.93 to $15.12] next.”
The final coin on the trader’s list is SXP, the native digital currency of payments network Swipe. According to Van de Poppe, SXP can see significant gains once it cracks resistance at 0.000053 BTC, worth about $0.21.
“The trigger points are breaking up here [0.000053 BTC], flipping it, because then we’re going to correct this previous range construction and also resistance. Based on that fact, we’re going to use Fibonacci extension to derive the next target points, which are 15,000 sats [$0.60] and 23,000 [sats] [$0.91].”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/stockphoto-graf/GrandeDuc