A popular analyst is digging into the charts to update his price targets for a handful of leading crypto assets.
Michael van de Poppe first He says his 622,600 Twitter followers that he is keeping a close eye on support levels for the scalability and interoperability ecosystem Cosmos (ATOM), which recently relinquished gains from the latest leg of a protracted rally dating to mid-June.
“At massive support levels here, which is reasonable for long entries.
If this one misses, I’m looking for $8 next.
Hold here = potential trigger towards $18-20 in the next month.”
At the time of writing, Cosmos is down 8.59% in the last 24 hours and is priced at $10.83.
Moving on to the Aave Crypto Lending and Lending Protocol (AAVE), the crypto strategist He says which in light of the recent market wide correction sees the altcoin as a candidate for range trading with support at $80 and resistance at $103.
“This is trending down as the entire market is correcting.
The falsifying above the resistance and the drop below $103 caused an acceleration of the correction.
Looking at $80-82 for support. Looking at $103 for crucial resistance. Plays within range.”
Aave has been falling in the red all week, currently down nearly 15% on the day and trading at $84.31.
Also on Van de Poppe’s watch list is enterprise-grade blockchain platform Elrond (EGLD), which has been falling steadily since August 10. the analyst is adjustment two levels of support: one at $50 and then at $44 if the first capitulates.
“A significant level of support and confluence across multiple time frames.
Gap has been filled, which was practically the last. The case for a fund around the markets could be there.
Resistance at $57. Break there = new highs. Support: $50 and $44”.
Elrond is down 8.79% and is changing hands for $52.37. The altcoin was trading above $69 just a week ago.
Regarding the Polkadot (DOT) cross-chain interoperability protocol, the crypto analyst believes a rally to $8.40 is possible if $7.70 recovers. However, Van de Poppe precautions on the possibility of DOT losing support at $7.
“Looking for a trigger on this if we recapture $7.70 as then $8.40 is likely to be retested.
Otherwise, the patience game happens, and you will have to see if less than $7 is a trigger for long positions.”
Polkadot price reflects the overall crypto market decline at the end of the week, with DOT currently in the red down almost 12.5% and valued at $7.35.
The latest on Van de Poppe’s radar is EOS (EOS), an open source and decentralized platform whose smart contract capabilities make it a direct competitor to Ethereum (ETH).
In response to the altcoin’s mid-week rally defying broader market trends, which was soon followed by a strong corrective move, trader advise their followers so they don’t go running after the coins they are already pumping.
“Looking at the structure, you should learn a lesson from this recent EOS move. Avoid chasing bombs!
In this case, I would look for a confirmation if we go down to $1.18 and then recover $1.30 for long positions. The same goes for the recovery of the $1.40 area.”
On Tuesday, EOS jumped 27.9% from $1.29 to $1.65, but has since dropped back down. At time of writing, EOS is down 16.24% and is changing hands for $1.27.
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