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Crypto strategist Michaël van de Poppe is extremely bullish on Polkadot (DOT), while warning several popular altcoins may face further corrections.
The trader and analyst tells his 442,000 Twitter followers that DOT appears “programmed” to rise above $100 in the current market cycle.
Using a Fibonacci extension model, he outlines $75 and $115 as potential targets.
“If we assume that the area around $37 is going to hold as we are into a bull cycle, you could wonder whether you could be getting into the markets already or whether there’s a retest. So you derive a potential scenario of potential lows and potential gains. So for you, the [upside] targets are $75 to $115…
If you analyze the fact that we are going to sustain at around $38, then the potential loss and invalidation is this previous low at $32.”
As for Cardano (ADA), Van de Poppe says the fifth-largest crypto asset by market cap is sending bearish signals on the Bitcoin (BTC) chart.
“Cardano against Bitcoin is showing heavy run-up, bearish divergence here, and currently showing weakness resulting in overall downwards momentum.”
The cryptocurrency analyst says that a buying opportunity may present itself if support around 0.00002930 BTC holds, which is worth about at $1.75 at time of publishing.
“The crucial area that I want to see sustained is overall this level [at $1.75]. If that is going to hold here, which I might find tricky, then I’m looking for anything in these regions for potential long entries.
If that one is lost, I think we’re going to look at the area around 0.0000150 BTC [$0.90] and 0.00002 [$1.19] BTC before we’re going to get bullish all over again.”
Next up, Van de Poppe says he expects Solana (SOL) to experience “heavy correction.” According to the crypto analyst, the ideal opportunity would be after Solana corrects by about 67%, falling to around the 0.00135 BTC level on the SOL/BTC chart, which is currently valued at $80.40.
“Solana, same picture. Heavy correction most likely going to take place.
I practically have one area that I’m looking at to buy Solana at this point. It’s this region (0.00135 BTC). I’m not interested in Solana until there. That’s a corrective move of 67%.”
The cryptocurrency analyst also looks at supply chain management blockchain VeChain (VET), which he says is trending downwards.
“What we can see in this cycle too is that we are making lower highs [and] lower lows. And we are also rejecting previous support for resistance all the time.”
According to Van de Poppe, the “best potential entry point” on the VET/BTC chart is either the 0.00000110 BTC level or at 0.00000150 BTC, worth $0.066 and $0.089, respectively.
“Best potential entry point for me is around 0.00000110 BTC [$0.066]. I’m looking at an entry point in this region. If we get there in November and December, that would be absolutely amazing if that is going to be hit.
Second one – that’s this entire zone that we have here. We dipped in it already and that is the zone around 0.00000150 BTC [$0.089].”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tuso chakma
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