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The well-known crypto analyst and trader, Michael van de Poppe, posted a Twitter thread on Sunday wherein he shared his thoughts and expectations for certain altcoins in the crypto market. In addition to his thoughts regarding the cryptos, he also included some strategies he was considering when it comes to trading the discussed cryptos.
Pepe (PEPE)
The first crypto mentioned by van de Poppe was Pepe (PEPE), which has been a rather popular project over the past few weeks. The analyst stated in the tweet that he believes PEPE is in a bear market relief rally. In addition to this, the meme coin will have to stay above $0.00000173 in order to see a continuation upwards, according to van de Poppe.
At press time, PEPE was worth about $0.000001706 after a price drop of more than 9% over the past 24 hours. This succeeded in pushing PEPE’s weekly performance even deeper into the red. As a result, PEPE was down 24.27% over the past seven days.
PEPE’s price dropped below the 9 and 20 EMA lines on its 4-hour chart during today’s trading session. As a result, a notable bearish technical flag was on the verge of triggering, with the 9 EMA line looking to cross below the longer EMA line. In addition to this potential bearish flag, the RSI line on the 4-hour chart was trading bearishly below the RSI SMA line.
These bearish technical flags suggested that PEPE’s price would continue to fall in the following 24 hours. This will likely result in the meme coin’s price making a move towards $0.0000016211 – the next key support level.
PEPE could still make a comeback, however. Should the crypto succeed in closing today’s trading session back above the 9 and 20 EMA lines on the 4-hour chart, then it will likely make a move toward $0.0000020275 in the coming 48 hours.
The Graph (GRT)
The Graph (GRT) was the second altcoin on van de Poppe’s radar. The analyst pointed out the fact that GRT had lost a crucial support level at $0.13, and stated that it will have to reclaim this level for him to take a serious look at investing in the coin.
CoinMarketCap indicated that GRT was one of the many cryptocurrencies that experienced a price increase over the past day, as the altcoin was trading hands at $0.1239 after a price increase of more than 6%. In addition to this, GRT was also able to set a daily high of $0.1245 during this time period.
In contrast to PEPE, GRT’s price was able to surge past the 9 and 20 EMA lines on its 4-hour chart, where it continued to trade at press time. Technical indicators on the chart show that there is still bullish momentum left. However, the peak that has been established by the RSI line suggests that there may not be enough momentum to break above $1.3.
Avalanche (AVAX)
Van de Poppe also shared his thoughts for Avalanche (AVAX), and stated that it will be very important for the altcoin to reclaim $16.50. On the other hand, if the downtrend continues for AVAX, the analyst will consider entering into a long.
Despite a 2% price increase over the past 24 hours, AVAX was still trading below $16.50, standing at $15.32 at press time. Unfortunately, this upward movement failed to flip the altcoin’s weekly performance, which remained in the red. With a decline of 3.36% over the past seven days, AVAX continues to face challenges in the market.
AVAX’s price is also trading above the 9 and 20 EMA lines on its 4-hour chart. In addition, the shorter EMA was looking to cross bullishly above the 20 EMA line, which would signal that AVAX’s price has entered into a short-term bullish cycle.
Should this fresh bullish flag be validated, AVAX’s price could climb to the next resistance level at $15.58 in the following 24-48 hours. The RSI indicator on the 4-hour chart did, however, contradict the bullishness expressed by the 9 and 20 EMA lines. At press time, the RSI line had established a peak, which was a sign that AVAX’s bullish momentum had faded.
Quant (QNT)
Lastly, van de Poppe shared his thoughts about Quant (QNT) and revealed that the altcoin will have to flip $112 into a support before he will even consider entering into a position on it. Should this happen, the analyst believes that the price of the altcoin could climb to $175.
Despite van de Poppe’s anticipation of QNT trading above $112, the altcoin fell short of this target at press time. However, it was trading near its daily high of $109.89, hovering around $109.67. Interestingly, QNT managed to outperform both Bitcoin (BTC) and Ethereum (ETH) by 0.70% and 1.38% respectively.
QNT’s price seemed to have consolidated above the 9 and 20 EMA lines on its 4-hour chart. However, a break below the minor support level at $108.40 would result in the altcoin’s price dropping back down to below the 9 EMA line.
To support this bearish thesis, the RSI line on the 4-hour chart was sloped negatively towards oversold territory and was close to crossing bearishly below the RSI SMA line at press time. Should QNT’s price close today’s trading session above the aforementioned $108.40 support, then the crypto’s price will look to rise to $111.7 in the coming few days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.