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).
Van de Poppe says XCAD looks strong, mentioning the project’s highly anticipated upcoming live stream event on June 16th.
“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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