Popular crypto strategist and trader Michaël van de Poppe says five altcoins are showing signs of life after enduring the marketwide collapse in May.
Van de Poppe tells his 350,500 followers on Twitter that he’s watching the price action of decentralized application (DApps) platform Solana (SOL) as it looks to either breach resistance at $35.00 or print a higher low (HL) at $28.00.
“I’m waiting for an entry on this one as it’s currently acting inside resistance. Not assuming it will break immediately, but definitely looking for a HL (or higher resistance flipping for support) to get triggered for a position.”
Next up is Elrond (EGLD), a platform that provides tools for developers and businesses to create infrastructure for the digital economy. According to Van de Poppe, Elrond has carved a bottom in its Bitcoin pair (EGLD/BTC) and is now gearing up to test its immediate resistance at 0.0032.
“I’m expecting this one to be bottomed out after a beautiful retest of the weekly order block. The range high around 320,000 satoshis (0.0032) is critical, as that one blocks new ATHs (all-time highs). For entries -> searching for a HL around 220,000 (0.0022) sats, and then I’m in.”
The third coin Van de Poppe has his eye on is The Graph (GRT), a platform that indexes and organizes blockchain data. The crypto strategist predicts GRT is preparing for a strong surge provided that it generates a bullish higher low setup.
“This one looks to be bottomed out too, as it made a full retrace towards the levels prior to the rally. Granting itself another HL and we could see a rally of approx. 130%, which is similar to AXS (Axie Infinity) in the past days.”
Number four on the trader’s list is blockchain scaling solution Polygon (MATIC), which Van de Poppe says must take out a key resistance area to ignite bullish momentum.
“USDT pair looks better than the $BTC pair, and it’s stuck inside a range, just like most of the markets. Critical breaker around $1.35, while support can be found between $0.90-1.00.”
The last altcoin on the analyst’s radar is the public network for peer-to-peer payments Hedera Hashgraph (HBAR). Van de Poppe expects HBAR to resume its bullish trend as long as it holds a critical support level.
“Most likely bottomed out, just like EGLD. A retest of the block, which was the block prior to the rally. Since then, trending south, but if we hold support one more time and/or crack critical resistance -> new uptrend starts.”