Cumulative altcoin market cap saw a steep spike last week, with 15% gains indicating a possible alt season. Current opinions about Altcoins should be viewed as a safer bet Bitcoin turn out to be expensive to trade, could drive inflows into the area.

In addition, the discussion about portfolio diversification by investors and institutions has also highlighted the “safe” alternatives. For several reasons that suggest why the altcoin space might rise, some analysts turned their attention to the cryptos that could potentially soar on its back.

Recently, analyst Michael Van de Poppe highlighted some levels that would be critical to the future of certain altcoins.

The old season is approaching?

The crypto analyst and trader discussed Cardano (ADA), Chainlink (LINK) and four other altcoins as part of his latest analysis.

Poppe emphasized that the alleged Ethereum killer Cardano “looks strong against Bitcoin (BTC) and holds support at 0.000039 (3,900 sats) on the ADA / BTC chart”. The analyst expects ADA to set higher lows in mid to late July and begin a marked uptrend. He said,

“Cardano is jumping out of the area where he is supposed to hop. Good signal, the next step is breaking 4100 sats. “

On a June 24th Analysis video, Poppe made a strong case for ADA, claiming that it is the first Alt who is “doing pretty well” at this point and is keeping his support strong. He added that while Cardano faced a major resistance at $ 1.40, it had established solid support just above $ 1.00 before concluding that ADA was breaking the key resistance at $ 1.40 must endure to begin his next bull run.

Regarding the top chainlink oracle project, the trader said its price follows expected development. He assumes that LINK will aim for the resistance zone of 0.0006 again within the next few weeks.

According to Poppe, the open blockchain project Waves also appeared to be healthy, as it stayed above both the 100 and 200 day weekly averages (WMA). WAVES, in particular, had risen since June 25th. The altcoin has gained nearly 25% in the past week.

The analyst also stated that if WAVES is able to break through 0.00051 Sats (Satoshis), it may be able to break through 0.00072 for over 65% gains.

However, these aren’t the only alts that look healthy. The analyst also highlighted other alts that looked healthy in July, such as TOMO, a scalable blockchain network called Tomochain. Additionally, Kava cross-chain decentralized credit protocol and decentralized finance liquidity infrastructure (DeFi) Kyber Network Crystal (KNC) could also make decent profits.

Subscribe to our Newsletter


Please enter your comment!
Please enter your name here