Michaël van de Poppe, a popular crypto analyst and trader, is looking at three altcoins and outlining their next path forward after the recent market pullback.
In a strategic session first reported by Daily Hodl, Van de Poppe told his teeming subscribers on YouTube that Polygon (MATIC) the Ethereum scaling solution could potentially hit a new high of $2.70.
Michaël van de Poppe noted:
…Overall we are making higher lows. So we are building up the pressure and we are building up towards a new breakout above this all-time high [$2.62].
Right now we are getting into the last resistance point through which if there is an area that you want to look at for potential entries, you’re looking at this green zone here [around $1.80] in which we can be dipping all the way there and still be bullish before we’re going to make a breakout… We can be starting to expect $2.70 if this green zone is going to hold.”
At the moment, Polygon (MATIC) is ranging between 0.00002170 BTC ($1.23) and 0.00003500 BTC ($1.98). According to the analyst, Polygon could potentially break out of the range and “start accelerating upwards” and hit 0.00005200 BTC ($2.94).
Next Path for VeChain (VET)
The next altcoin on the list of the crypto trader is VET, the native token of the leading supply chain blockchain, VeChain. According to Michaël van de Poppe, a potential buying opportunity for VeChain exists at around the 0.00000210 BTC ($0.12) level if the altcoin prints a higher low on the charts.
The crypto analyst added that VeChain (VET) is sitting at the $0.11 support level but will wait for Bitcoin (BTC) price action to actualize the direction of the crypto:
“When it comes to VeChain against USDT we are also back into support at this stage but still we’re looking for confirmation from Bitcoin.
“If that one is going to confirm that the market is ready for continuation, that is the moment where altcoins are starting to fire off. And at this moment, I’m not convinced about Bitcoin yet.”
Next Target for Harmony (ONE)
Michaël van de Poppe also outlined the likely path for the native token of the blockchain platform Harmony (ONE). The analyst stated that potential short-term buying opportunities stand around the 0.00000417 BTC ($0.24) and 0.00000344 BTC ($0.19) support levels.
“This is an area [0.00000417 BTC] where I want to seek for potential long entries. If this one is lost, I’m seeking for a long entry in this region [0.00000344 BTC].”
He pointed out that he’s bearish on Harmony and would target profits between 0.00000090 BTC ($0.005) to 0.00000500 BTC ($0.28).
“…definitely only looking for a bounce play to watch for 0.00000090 BTC to 0.00000500 BTC as most likely we’re going to make a lower high and continue to trend downwards.
“I think the only crucial support you should be looking at is this entire green zone [between $0.21 and $0.23] which is the range low. So if we dip here, I think you still want to look for potential longs.
“However, we’ve already got a lower high taking place here, so potentially the trend is downwards. And if the trend is downwards, I’m also going to look around the area of $0.17.”