dailyhodl.com
A closely followed crypto strategist believes that one Ethereum (ETH)-based token is gearing up for a significant burst to the upside.
Pseudonymous analyst Rekt Capital tells his 347,000 Twitter followers that the Ethereum-based supply-chain management blockchain VeChain ($VET) appears poised for a rally after reclaiming both its horizontal and diagonal support levels on the monthly timeframe.
According to Rekt Capital, he’s expecting $VET to rally to its next monthly resistance at $0.269.
“Forming a new higher low (black).
And if indeed the June monthly candle closes just like this, it’s possible $VET could consolidate via the green path over the coming weeks.
Still needs to confirm the new higher low.”
At time of writing, $VET is trading for $0.18.
Next up is Waves ($WAVES), a protocol focused on token and decentralized application (DApp) creation. According to Rekt Capital, $WAVES could be on the verge of carving a bottom on the monthly chart as it creates a triangle pattern. Rekt says the bottom could be confirmed if $WAVES takes out its resistance at $2.50.
“May be developing a macro triangle, not yet clear if ascending.
Blue $2.50 resistance may be the breakout point for the triangle.
Breakout would enable a return into the blue-blue range for some 40%-wide consolidation.”
At time of writing, $WAVES is worth $2.22.
Another altcoin on the trader’s list is the internet-scale blockchain MultiversX ($EGLD), formerly known as Elrond. Rekt Capital says that $EGLD managed to stay above its monthly support at $32.54. Should $EGLD bulls continue to hold the immediate support area, the analyst predicts a rally for MultiversX to around $40.
“Great reaction from horizontal support (black).
Continued stability here and $EGLD will avoid a breakdown into the range denoted by blue arrows.
More, holding here could enable an $EGLD rally to the year-long downtrend (black).”
At time of writing, $EGLD is worth $35.44.
The last altcoin on the analyst’s radar is the fan engagement token Chiliz ($CHZ). According to Rekt Capital, $CHZ remains in a multi-year bear market, but the token could rally to $0.096 as long as it is above its immediate support at $0.05.
“Red multi-year downtrend has been weighing on $CHZ.
In fact, it forced a breakdown from blue support.
Now that $CHZ has found support at black below…
$CHZ could try to rally to blue to check if it will become new resistance.”
At time of writing, $CHZ is trading for $0.08.