Prominent crypto strategist and trader Michaël van de Poppe is keeping a close watch on XRP, Litecoin and two other altcoins that he says are close to waking up.
In a new strategy session, the analyst tells his 116,000 YouTube subscribers that XRP is poised to rally and print a new all-time high.
“When you look at the USDT values of XRP, you can actually derive Fibonacci extension to make the next target zone. So when we do that by Fibonacci retracement, and we do it like this, we get $2.85 and $4.30 as the next target zones for XRP in the next impulse wave. If we do it from the previous cycle, we can also say that we’ve hit the 2.618 [Fibonacci zone]. So most likely, in the next run up, XRP will go to $4.30.”
According to Van de Poppe, XRP is mirroring its price action from December 2020 to April of this year when the sixth-largest crypto asset surged over 1,052% from $0.17 to $1.96.
The next coin on Van de Poppe’s list is multi-currency transaction network Stellar (XLM). According to the crypto analyst, XLM could likely print a bullish higher low setup at $0.31 before skyrocketing to its 52-week high of $0.79.
“It’s still looking quite fine. The chances of XLM going all the way back towards this high [$0.80], have some consolidation before it breaks to the upside, is significant.”
Van de Poppe is also watching the price action of Litecoin in its Bitcoin pair (LTC/BTC). The crypto trader believes that the peer-to-peer payments network has managed to stay above a key support level against Bitcoin and is gearing up to register a new higher high at 0.01 BTC, worth $501 at time of writing.
“So I’m assuming anywhere in this range [0.003 BTC, or $150 at time of writing] we’re going to have the bottoming for Litecoin, after which we break back up, have some consolidation, then we start running.”
Finally, the trader looks at smart contract platform Tezos against Bitcoin (XTZ/BTC). According to Van de Poppe, the pair is forming a bottom structure and is now getting ready for a 68% rally from its current price of 0.000077 BTC, or $3.86.
“We are making a beautiful rounded bottom. That is Peter Brandt, his thing. But we are making a rounded bottom here, in which we got a squeeze, and the chances of this one breaking out heavily towards the resistance zone that we have around [0.00013 BTC, or $6.52] is massive.”
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/bluebay