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Cryptocurrency analyst and trader Michael van de Poppe is exploring potential entry points to a mid-cap crypto asset that rivals Ethereum and two other altcoins.
In a new YouTube video, Wang told his 156,000 audience that he is closely following Algorand (ALGO) cryptocurrency for payments and blockchain for DeFi applications.
According to the crypto strategist, Algorand’s bearish performance towards Bitcoin (ALGO / BTC) over the past few months has led this trading pair to reach a key level of interest.
There are several important support levels that we need to look at. The first is the level that we are seeing right now. [0,00002635 BTC или $ 1,35]making the entire block below this level an important area to look for potential entry points.
Van de Poppe noted that as long as ALGO / BTC is trading above the support level, the altcoin has a chance to raise the resistance level by 40% to the level of 0.00003620 BTC or $ 1.85.
At the time of writing, Algorand is trading at $ 1.56, while Bitcoin is priced at $ 50,800.
Next up is Elrond (EGLD), the native token of a scalable blockchain smart contract platform aimed at organizations.
Van de Poppe expects Elrond to continue correcting against Bitcoin (EGLD / BTC) until it reaches a key support level.
This whole block [около 0,004220 BTC или $ 215,72]This is definitely an area where I will be looking for a trade opportunity as we will then retest the previous high of support. This would be the best entry point to Elrond.
At the time of writing, Elrond is trading at $ 257.71.
Next comes the blockchain platform VeChain (VET), created to help companies optimize supply chains.
According to the crypto trader, VeChain needs to break through two critical areas of resistance to Bitcoin in order to reignite an uptrend.
At what level would I prefer to see VeChain breakout? I would like it to break this entire block of about 0.00000190 BTC ($ 0.09).
And the second thing I want to see is a breakout of the entire level at around 0.00000210 BTC ($ 0.11). I think that if this level is conquered, we will approach the recent high (0.0000025 BTC or $ 0.13), creating an upper low. Then we will have a new uptrend.
At press time, VeChain is trading at $ 0.093.
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