The crypto market has been trading with minimal volatility as Bitcoin tries to gain momentum and hold on to resistance at $50K. While ETH is up 3.1%, most other altcoins are still trading in red with one of the top coins SOL being down by 6.6%.
Michael van de Poppe, a cryptocurrency analyst, and trader examine 3 cryptocurrencies and charts a course forward following the recent market slump.
Polygon (MATIC)
Van de Poppe informs his YouTube subscribers that the Ethereum (ETH) scaling solution could potentially attain a new high of $2.70, starting with Polygon (MATIC).
He says, in general, the coin is hitting higher lows. As a result, there is an increase in the pressure and preparation for a new breakout over the all-time high [$2.62].
Currently, MATIC is approaching the last resistance point, and a potential entry point would be around $1.80, where it can dip all the way there and still be positive before we make a breakthrough, he added. If this green zone holds, the coin can start to expect $2.70, he predicts.
At the time of writing, MATIC is trading at $2.09 up by 7.3% in the last 24 hours. According to the crypto analyst, Polygon could potentially break out of the range and “start accelerating upwards” and hit 0.00005200 BTC ($2.94).
Harmony (ONE)
The native token of blockchain platform Harmony is next. Short-term purchasing chances, according to Van de Poppe, occur around the 0.00000417 BTC ($0.24) and 0.00000344 BTC ($0.19) support levels.
According to the cryptocurrency trader, he is negative on Harmony and expects earnings of 0.00000090 BTC ($0.005) to 0.00000500 BTC ($0.28).
Harmony’s major support levels are $0.21 and $0.23. ONE Price is on the decline and might fall below $0.17.
At the time of writing, ONE Price is trading at $0.185 down by 9% in the last 24 hours. the resistance on the upside is at $0.208 and the support in case of plunge is at $0.17.
VeChain(VET)
Next up is VeChain, the supply chain blockchain’s utility token (VET). If VeChain Price prints a higher low on the charts, Van de Poppe believes there is a potential buying opportunity around the 0.00000210 BTC ($0.12) level. In technical analysis, a higher low usually implies an uptrend.
VeChain is currently trading at $0.11 support, but the path of altcoins will be determined by Bitcoin’s price movement.
He says the coin is in support of VeChain against USDT at this point, but it is still waiting for confirmation from Bitcoin.
If that one confirms that the market is ready for a continuation, altcoins will begin to fire, he added.