After the debut of the first US bitcoin futures exchange-traded fund two days ago, bitcoin plummeted from its all-time high, leading cryptocurrency values to plummet today. While bitcoin has lost over $5,000 in a single day, Solana has gained about 10% since yesterday.
The price of ETH has dropped by nearly 2% to $4,112. Cardano prices have fallen nearly 3% to $2.16, while dogecoin prices have declined 3% to $0.24.
Despite Bitcoin’s (BTC) recent rise to new all-time highs and further fluctuations, crypto strategist and trader Michal van de Poppe has high hopes for a number of altcoins.
The notable trader opens a new strategy session by describing his most recent analysis on Chainlink’s native asset in a new strategy session (LINK).
“At this stage I think that Chainlink is still in the area of interest if you want to get a position on this one. I think that’s completely fine, it’s just ready for a breakout.”
Curve DAO Token (CRV), the asset that powers the automated market maker protocol of the same name, is next on the traders’ list.
In the immediate term, he anticipates the currency to trend sideways before a new breakout.
He says that Curve has been seeing a lovely retest, a beautiful structure in which we will most likely see continuation towards resistance here, before some minor consolidative phases into the area here, and then we will break out at some point later.
Van de Poppe then looks at the Skale (SKL) decentralised application (DApp) protocol, which is designed to assist developers avoid Ethereum network congestion.
He believes that SKL will start to rise next month.
He says, We’ll most likely see this breakout towards 1400 sats in November before we have the next impulse, possibly final impulse wave, on Skale.
Van de Poppe then looks at the chart for The Graph, a decentralised blockchain indexer.
He says, GRT is also on the to-do list. It has been underperforming in recent months, with only one impulse wave recorded in 2021. But if support holds, if it continues to make higher lows, a breakout is almost certain he added.
The crypto researcher predicts that the decentralised cross-chain liquidity protocol THORchain (RUNE) will post a higher bottom, implying that another upward surge is on the cards.
“When I see this big bounce back up I’m assuming that we’re going to grant ourselves some slight consolidation, grant ourselves a higher low, and then we start continuing.”
In the case of supply chain network VeChain (VET), van de Poppe says he’s sticking to his prediction from early October, predicting that the coin will fall below at least 0.00000149 BTC [0.094] before a long-term rally can commence.
“Still waiting on VeChain (VET) to hit those levels.”