dailyhodl.com
A popular crypto analyst is updating his outlook on three altcoins as the digital asset markets witness a corrective move.
Starting with The Graph (GRT), pseudonymous analyst Cred tells his 47,800 YouTube subscribers that the blockchain data indexing protocol could surge by around 80% from the current levels if the wider crypto market rallies.
“This is one that structurally looks fine. Again it’s at the whim of the rest of the market which is at resistance and is all kind of tricky and difficult.
But purely in terms of shorter-term trading levels and clear weekly structure, $0.14 to $0.15 for this thing is a very self-evident range high and if the market continues to be risk on or doesn’t puke or breaks out or does whatever, this is one of those where the next high timeframe trouble area is quite some way away. In this case being close to $0.30.
If broader market conditions allow for it and there’s a basically retest that holds and barring a deviation kind of a classic breakout and retest, there’s quite a lot of space, you know 80% fairly conservatively on the weekly timeframe before the next trouble area.”
The Graph is worth $0.165 at time of writing.
Next up is Avalanche (AVAX). According to Cred, the Ethereum (ETH) competitor is demonstrating “textbook” support and resistance levels on the daily chart.
Cred says that Avalanche could appreciate by over 30% from current levels if it breaks above the resistance level of around $21.50.
“In terms of kind of targets or space to maneuver between this future resistance break [at around $21.50] and the next resistance [at around $27], there’s a fair bit of room to be honest. This is [$21.50] a very big level so I’d expect a fairly sizable move from it.
And the next trouble area if we’re being even somewhat conservative, would probably be towards this former range high [$27], range low…
Between $21 and $27, again it won’t be perfect, but if there’s close to 30% between the high timeframe pivot and the next trouble area, that’s definitely worth paying attention to.”
Avalanche is trading at $19.55 at time of writing.
Turning to interoperability blockchain Polkadot (DOT), the pseudonymous analyst says that the 14th-largest crypto asset by market cap could gain by about 28% from the current levels if it retests the closest resistance level on the weekly chart.
“As far as retest levels go, any weekly that doesn’t close below $6.80 is technically a bullish retest candle within this context.
And then the other side of the range, if this is a reclaim-range-low type of setup, your range high is closer to $9. So there could be something there.”
Polkadot is worth $7.02 at time of writing.
Generated Image: Midjourney