A popular analyst is digging into the charts to update his price targets for a handful of leading crypto assets.
Michaël van de Poppe first tells his 622,600 Twitter followers that he’s keeping a close eye on support levels for scalability and interoperability ecosystem Cosmos (ATOM), which recently gave up gains from the latest leg of an extended rally dating back to mid-June.
“At massive levels of support here, which is reasonable for long entries.
If this one is lost, I’m looking at $8 next.
Holding here = potential trigger towards $18-20 in the coming month.”
At time of writing, Cosmos is down 8.59% over the past 24 hours and priced at $10.83.
Moving on to crypto lending and borrowing protocol Aave (AAVE), the crypto strategist says that in light of the recent marketwide corrective, he sees the altcoin as a candidate for range trading with support at $80 and resistance at $103.
“This one is trending down as the entire market is correcting.
Fake-out above resistance and drop beneath $103 caused an acceleration of the correction.
Looking at $80-82 for support. Looking at $103 for crucial resistance. Range-bound plays.”
Aave has been sliding into the red all week, currently down nearly 15% on the day and trading for $84.31.
Also on Van de Poppe’s watchlist is enterprise-grade blockchain platform Elrond (EGLD), which has been steadily dropping since August 10th. The analyst is setting two levels of support: one at $50 and then $44 if the first capitulates.
“An important level of support and confluence on multiple timeframes.
Gap has been filled, which was practically the last one. Arguments for a bottom around the markets could be there.
Resistance at $57. Break there = new highs. Support: $50 and $44.”
Elrond is down 8.79% and changing hands for $52.37. The altcoin was trading above $69 just a week ago.
Regarding cross-chain interoperability protocol Polkadot (DOT), the crypto analyst thinks that a rally to $8.40 is possible if $7.70 is recaptured. However, Van de Poppe cautions about the potential for DOT to lose support at $7.
“Looking for a trigger on this one if we reclaim $7.70, as then a retest at $8.40 is likely.
Otherwise, the patience game happens, and you’ll have to see whether sub-$7 is a trigger for longs.”
Polkadot’s price mirrors the overall crypto market slump to end the week, with DOT currently in the red by nearly 12.5% and valued at $7.35.
In response to the altcoin’s mid-week rally in defiance of broader market trends which was soon followed by a sharp corrective move, the trader advises his followers to not go running after coins that are already pumping.
“Looking at the structure, you should learn a lesson from this recent move of EOS. Avoid chasing pumps!
In this case, I’d be looking at confirmation if we dip to $1.18 and reclaim $1.30 afterward for longs. The same goes for reclaiming the $1.40 area.”
Back on Tuesday, EOS leaped by 27.9% from $1.29 to $1.65, but has since worked its way back down. At time of writing, EOS is down 16.24% and changing hands for $1.27.
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.
Generated Image: StableDiffusion