Analyst Says Cardano Appears Ready to Break Out, Updates Outlook on Chainlink and Verasity
Widely followed crypto analyst Michaël van de Poppe is eyeing three popular altcoins for potential entry points and price targets.
The trader tells his 612,700 Twitter followers that proof-of-stake blockchain Cardano faces an important test just above $0.50, which if passed could take ADA as high as $0.63.
“Looking solid and ready for a break if it can clear the $0.507 – $0.51 area.
If I’d want to long, a harsh rejection here and test around $0.46 would be something.
Otherwise flip $0.51 is $0.535 / $0.59 / $0.63 next.”
At time of writing, Cardano is up a fraction and changing hands for $0.504.
Next on the analyst’s list is decentralized oracle network Chainlink (LINK). He says if falling market prices indicate a higher low (HL), then he’ll look for a chance to enter on a long time frame.
“Not interested in a long on this one, until we flip gray and/or $8.
Overall, if the markets are correcting and seeking for a HL to be played, then I’m going to look for green for a potential long entry and then play towards $8 and/or $9.25.”
Chainlink is in the green by 3.56% on the day with an asking price of $7.35.
The last coin on the trader’s radar is next-generation video sharing protocol Verasity (VRA). Van de Poppe says he’s keeping an eye out for a possible bullish divergence, a metric where a lower low appears on the price chart but then a corresponding indicator shows a higher low.
“Heavy correction as it’s down more than 90%.
Higher time-frame support zone, through which a bullish divergence might be popping up here.
This could indicate that we’re having some short-term reversal.
Target: $0.01.”
Verasity is currently up 2% and trading for $0.0058. VRA was worth more than $0.08 last November but has steadily declined ever since.
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