Cryptocurrency analyst and trader Michael van de Poppe is examining the potential entry points for one mid-cap Ethereum challenger and two additional altcoins.
In a new video, Van de Poppe tells his 156,000 YouTube subscribers that he’s keeping a close watch on Algorand (ALGO), a cryptocurrency for payments and a blockchain for decentralized finance applications.
According to the crypto strategist, Algorand’s bearish performance against Bitcoin (ALGO/BTC) in the last few months has driven the pair to a key level of interest.
“We’ve got a few important support levels that we have to look at. The first one is the level that we’re currently seeing here [0.00002635 BTC or $1.35] which makes the entire block beneath that level an important zone to look at for potential entry points.”
Van de Poppe says that as long as ALGO/BTC trades above the support level, it has a shot to ignite a nearly 40% surge to resistance at 0.00003620 BTC or $1.85.
Algorand is trading at $1.37 at the time of writing while Bitcoin is exchanging hands at $51,122.
Next up is the native token of Elrond (EGLD), a scalable smart contract blockchain platform designed for enterprises.
Van de Poppe says he expects Elrond to continue correcting against Bitcoin (EGLD/BTC) until it hits a key level of support.
“This entire block [around 0.004220 BTC or $215.72], that is definitely the area that I’ll be looking at for potential trades as then we are also retesting the previous high for support. That would be the ultimate, ultimate entry point for Elrond.”
Elrond is trading at $261.32 at the time of writing.
Next up is VeChain (VET), a blockchain platform built to help companies optimize their supply chains.
According to the crypto trader, VeChain needs to take out two crucial resistance areas against Bitcoin to ignite an uptrend.
“What is the level that I preferably want to see VeChain breakthrough? I’d want to see it break through this entire block around 0.00000190 BTC ($0.09).
And then the second one I want to see it breakthrough is the entire level around 0.00000210 BTC ($0.11). Because if that one breaks, I think we are breaking or we are facing this recent high (0.0000025 BTC or $0.13). creating ourselves a higher low, and then we have a new trend starting upwards.”
VeChain is trading at $0.08 at the time of writing.