Widely followed cryptocurrency strategist Michaël van de Poppe is calling for a rally against three altcoins, including decentralized oracle platform Chainlink (LINK) and virtual reality platform Decentraland (MANA).
Van de Poppe told 604,200 Twitter followers that Chainlink could potentially break out after losing more than 86% of its value at an all-time high of $53.
“It’s still undergoing a massive correction after all-time highs in 2021.
But we also see an uptrend.
To do this, you need to break $7.50. If that breaks, I think next time we’ll see $9 and potentially $10.”
At the time of writing, Chainlink is changing hands for $7.02.
Next up is MANA, where Van de Poppe says it should remove initial resistance at $1.12 to trigger a breakout rally.
“Facing low term resistance around $1.12.
When it breaks and we flip (as the scenario provides), a long trigger towards $1.40 is activated.
support; $0.99 and $1.04.”
Decentraland is currently trading at $1.05.
The last coin on a trader’s radar is THORChain (RUNE), a blockchain platform designed to enable secure and inexpensive transfer of assets between different blockchains.
According to Van de Poppe, RUNE should stay above the $2.90 support to rally towards $3.28.
“It, like everything, is showing some momentum here. The BTC pair is collapsing, and I think it will last a bit longer (dominance goes up).
However, trading in USD is possible. We want to keep it around $2.90 to avoid further declines.”
The value of THORChain is $3.00 at the time of writing.
Disclaimer: Opinions expressed in the Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Daily Hodl is involved in affiliate marketing.
Featured Images: Shutterstock/Upl/David Sandron/Sensvector