Famous analyst Michael van de Poppe answered questions that some altcoin investors were curious about. Trader studied and analyzed charts from Chainlink (LINK), Tezos (XTZ), Ethereum (ETH) and Ripple (XRP).
Ethereum, the second largest cryptocurrency, has lost more than 8% in the past week and fell to $ 350. Although Chainlink, one of the most popular coins of recent times, gained 2% on a weekly basis, the price of LINK two weeks ago was 17% higher than it is now. Tezos (XTZ) charted somewhat closer to Ethereum, and it moved downward and lost 8% on a weekly basis. XRP lost 4% compared to a week ago. So what’s the analysis done by the famous trader for LINK XTZ ETH XRP?
ChainLink (LINK) Comment
- LINK plotted an uptrend similar to 2019.
- Past resistance points will have to turn into points of support.
- LINK may not be offering a purchase opportunity in its current form.
- If there is a trend change, the price will be 8,25; it could then drop to $ 6.9.
- In case power accumulates here, an upward trend can be entered again.
- If the resistance at $ 10.6 is broken, the next target will be $ 15.
Ethereum (ETH) Review
- Support from $ 334 needs to be protected.
- The strongest resistance ahead seems to be at the $ 402 level.
- If enough momentum can be collected, 385 dollars can be passed.
- The price could climb towards $ 440 at a time after $ 385.
- If the resistance at $ 400 cannot be broken, it can be reduced to $ 279.
- XRP may have come to the bottom.
- Support can be obtained in the range of $ 0.213 – $ 0.229.
- If XRP can gain enough power here, it could go up to $ 0.28.
- Michael explained at this point that XRP could be offering a buying opportunity for now and the price could move up.
- However, the analyst said that the uncertainty in the markets is still not resolved and therefore entering a loaded position may not make sense.
Tezos (XTZ) Interpretation
- XTZ could not maintain the support points at the $ 2.75 and $ 2.38 levels.
- The next support point for the XTZ, currently trading at $ 2.18, is $ 1.8.
- If XTZ can find a new momentum, it could head towards $ 2.65.
- Michael thinks the XTZ could relax to $ 2.38 after hitting $ 2.65.
- The trader explained that in such a scenario XTZ could rise again and test $ 3.
- If the resistance at $ 2.38 is not broken, a stronger decline can be seen.
- Michael “Can you buy XTZ right now?” He answered “no” to the question.