A crypto strategist outlines what awaits a handful of altcoins, including Ethereum (ETH) rival Avalanche (AVAX) and memecoin Pepe (PEPE).
Analyst Michaël van de Poppe tells his 657,200 Twitter followers that he is looking for a quick AVAX bounce of $14 or $12.
However, Van de Poppe says the upswing is likely to be short-lived as he believes AVAX is still in a downtrend.
“In a point of interest, which is similar to other altcoins.
The trend continues to be down though, if a low time frame confirms I would long pull this.
Reclaiming $16.50 is necessary. Otherwise, I’d be looking at $12 longs.
At the time of writing, AVAX is trading at $15.14.
Next up is the memecoin Pepe, which Van de Poppe says must have a major support level to stand a chance of regaining bullish momentum.
“This one is making a relief rally in the bear market, I would say.
Should stay above $0.00000173 then we can move to $0.0000024.
If $0.00000173 is lost, then I look at playing short and try to catch a long at $0.00000085.”
At the time of writing, Pepe is worth $0.00000181.
Another altcoin on the trader’s list is the blockchain indexing protocol The Graph (GRT). According to Van de Poppe, GRT is likely to experience more selling pressure as long as it stays below $0.13.
“I lost a crucial support at $0.13 which needs to be recovered before I am interested.
Otherwise, I’d be looking at the area at $0.097 for a possible long game.
At the time of writing, GRT is trading at USD 0.124.
The last altcoin on the trader’s radar is the interoperable blockchain Quant (QNT). Van de Poppe says QNT is hovering close to a support level, but notes that it is waiting for signs of strength before collecting the altcoin.
“Interesting price action as we hit a high time frame here.
Am I interested? Not yet. I’d rather have a $112 flip before activating a long and it can quickly and easily go up to $175.
Otherwise, looking at $76.”
At the time of writing, QNT is trading at $105.
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