Altcoins were seen as a safe bet should Bitcoin trading get expensive. Lately, these “safe” altcoins haven’t made fair profits either. Many reasons tell us why, but those reasons are in the past. These reasons can’t tell you where the major altcoins are going. However, analyst Michael van de Poppe focused on some levels that are critical to the future of altcoins.
The altcoin market
At its peak in May 2021, the altcoin market cap was $ 1.5 trillion, the mark where total market cap currently remains. At the moment, however, the altcoin market appears to be struggling to get back up. The “AltCap” bounced off its support range of $ 600 billion to $ 650 billion, and stood at $ 739 billion at press time. In order for the AltCap to rise further, it must break through the critical zone of $ 800 billion. When the altcoin market cap hits this it can be expected to climb back up to as high as $ 1 trillion.
The second largest altcoin appeared to be rising at the moment; ETH was trading almost $ 2150. Coincidentally, the range between $ 2150 – $ 2250 was a critical break zone for Ethereum. Once that is achieved, Poppe said the $ 2900-3000 ranges could be reached soon. The coin also held the critical support zone above $ 1400 and $ 1700. Poppe specified:
ether shows a certain strength here in which it is currently facing a critical zone of resistance. Not an area I would be looking for.
However, to achieve this, a short term consolidation between $ 2250 and $ 2000 is required.
The rise of Ethereum is also being driven by the historic first of its kind achievement, which ETH achieved yesterday. For the first time in crypto history, ETH address activity outperformed BTC’s address activity. This brought much-needed optimism to the Ethereum market.
Surprisingly, Cardano hasn’t been volatile lately. For over a week, the coin has been consolidating within the critical $ 1 support and the crucial $ 1.3 resistance range. That resistance was also the breaker area ($ 1.37 – 1.41) that needs to be broken for ADA to rise towards $ 1.6 and maybe even $ 1.8.
Recently, Charles Hoskinson specified that the ADA had plans for El Salvador and that Cardano also wants to become legal tender. He added,
“We have had talks with some officials and I may make a state visit … So we will meet the President, but it will basically be up to you … People in this environment have definitely expressed an interest in digitizing the country beyond Bitcoin , and “we’ll get a real feel for it in two to four weeks.”
In the end, VeChain has become an important coin to watch out for. VeChain was moving towards the critical support zone, according to Poppe’s VET-BTC pair. This covers levels between 190 and 210 sats and should the coin drop below the next it would be 140-160 sats.
To recover, the coin must make a 20% jump and meet the 273-280 Sats resistance levels.
The analyst continues specified:
The beginning of one so famous #old season is when everyone expects the markets to go way down and be super bearish.
That is when the massive profits are made when you deposit the money when no one wants it.
The difference between 5x and 25x.
– Michaël van de Poppe (@CryptoMichNL) June 29, 2021
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