Widely followed crypto analyst Michaël van de Poppe says three popular altcoins are nearly ready to bounce back, starting with decentralized oracle network Chainlink (LINK).
The crypto trader tells his 601,300 Twitter followers that while LINK’s price action has been worrisome, he’s predicting it finds support and ignites rallies in the near future.
“Not the most beautiful chart, but this is my scenario at this point.
In that case, I’m expecting a continuation towards $12.50 to be happening, before a bearish rejection and some retests, after which the bull starts again.”
Chainlink is trading for $7.61 at time of writing, up nearly 4% on the day. A move to $12.50 would represent an approximately 64% increase.
Van de Poppe next evaluates VeChain (VET), an enterprise-solution-focused blockchain. Though the altcoin has fallen far from all-time highs, the crypto trader thinks VET is almost out of its bear market.
“This one is relatively simple.
Lost the support around $0.045 and started falling down towards the high of the previous cycle in 2020.
Expecting that to be a massive resistance and some sideways action.
Should be relatively done with the bear market.”
VeChain is trading for $0.032 at time of writing, up nearly 3% over the last 24 hours.
Van de Poppe also takes a look at the native token of Verasity (VRA), a next-gen video-sharing blockchain platform. Though he says the altcoin has already had a dramatic bear market, the trader foresees VRA re-testing its lower levels before reversing.
This one is having a heavy bear market.
The ultimate low could be $0.0035, but that’s depending on the market structure.
Overall, expecting a little more upwards momentum of around 40-60% towards $0.012 for a bearish retest.”
Verasity is trading for $0.0088 at time of writing.