On Sunday, the esteemed crypto analyst and trader Michael van de Poppe took to Twitter to share his insights and predictions for select altcoins in the crypto sphere. Alongside his astute observations on these digital assets, he divulged some trading strategies he contemplated for these cryptos.
Pepe (PEPE)
In his analysis, Van de Poppe highlighted Pepe (PEPE) as the initial cryptocurrency, which has garnered significant attention in recent weeks. The expert tweeted that PEPE is experiencing a bear market relief rally. Furthermore, van de Poppe emphasized that for the meme coin to sustain its upward momentum, it must maintain a price level of at least $0.00000173.
As of the publication time, PEPE’s value stands at approximately $0.000001706, following a decline of over 9% within the last 24 hours. This has further plunged PEPE’s weekly performance into negative territory, with a staggering 24.27% drop over the past seven days.
PEPE’s price fell below the 9 and 20 EMA lines on its 4-hour chart during today’s trading session. This has led to a significant bearish technical flag, with the 9 EMA line poised to cross below the longer EMA line. Adding to this potential bearish signal, the RSI line on the 4-hour chart is trading below the RSI SMA line in a bearish manner. These indicators suggest a potential PEPE price downturn, and investors should monitor the situation closely.
Based on the bearish technical flags observed, it is highly probable that the price of PEPE will experience a further decline within the next 24 hours. This downward trend is expected to lead the meme coin’s value towards the critical support level of $0.0000016211.
There is still a glimmer of hope for PEPE to stage a comeback. If the cryptocurrency surpasses the 9 and 20 EMA lines on the 4-hour chart by the end of today’s trading session, it will surge towards $0.0000020275 within the next 48 hours.
The Graph (GRT)
Van de Poppe’s attention has shifted to The Graph (GRT), the second altcoin on his watchlist. The astute analyst observed that GRT recently lost a critical support level at $0.13. For him to consider investing in the coin, it must reclaim this level. A prudent investment approach is always necessary; Van de Poppe’s professional analysis is a testament to this.
According to CoinMarketCap, GRT was among the cryptocurrencies that witnessed a surge in price over the last 24 hours, with the altcoin trading at $0.1239 following a remarkable 6% increase. Moreover, GRT reached a daily peak of $0.1245 during this period.
Unlike PEPE, GRT has demonstrated an impressive price surge, surpassing the 9 and 20 EMA lines on its 4-hour chart and maintaining its upward trajectory at present. Technical indicators indicate that there is still a bullish momentum in play. However, the RSI line has peaked, indicating that there may not be enough momentum to break above the $1.3 mark. GRT’s performance remains promising, with its technical indicators pointing towards a positive outlook.
Avalanche (AVAX)
Van de Poppe offered his insights on Avalanche (AVAX), emphasizing the significance of reclaiming the $16.50 mark for the altcoin’s success. However, in a continued downtrend, the analyst may contemplate a long position.
Despite experiencing a modest 2% price hike in the last 24 hours, AVAX is still trading below the $16.50 mark, currently standing at $15.32 at the time of writing. Regrettably, this upward trend did not reverse the altcoin’s weekly performance, which remained in negative territory. With a 3.36% decline over the past seven days, AVAX is encountering market challenges proving to be a hurdle to its growth.
AVAX’s current price is trading above the 9 and 20 EMA lines on its 4-hour chart, indicating a positive trend. Furthermore, the shorter EMA is poised to cross above the 20 EMA line, signaling a potential short-term bullish cycle for AVAX’s price. These technical indicators suggest a favorable outlook for AVAX’s performance shortly.
If this newly formed bullish flag is confirmed, AVAX’s value has the potential to surge towards the next resistance level of $15.58 within the next 24-48 hours. However, the 4-hour chart’s RSI indicator presents a conflicting view of the bullish sentiment conveyed by the 9 and 20 EMA lines. Currently, the RSI line has peaked, indicating a decline in AVAX’s bullish momentum.
Quant (QNT)
In conclusion, van de Poppe imparted his insights on Quant (QNT) and stipulated that the altcoin must successfully convert $112 into a support level before he deems it worthy of his investment. Only then will he contemplate taking a position on it? If this milestone is achieved, the analyst anticipates a potential surge in the altcoin’s value, with a projected price target of $175.
Although van de Poppe had predicted that QNT would surpass the $112 mark, the altcoin fell short of this target at the time of writing. Nevertheless, it was trading close to its daily high of $109.89, with a hovering price of $109.67. Notably, QNT outperformed Bitcoin (BTC) and Ethereum (ETH) by 0.70% and 1.38%, respectively, which is a positive sign for investors.
QNT’s current price has stabilized above the 9 and 20 EMA lines on its 4-hour chart, indicating a potential bullish trend. However, caution is advised as a breach of the minor support level at $108.40 could trigger a downward spiral, causing the altcoin’s price to dip below the 9 EMA line. Monitoring the market closely and making informed decisions based on the latest trends and indicators is important.
To bolster the bearish argument, the 4-hour chart’s RSI line exhibited a downward slope towards oversold levels and was on the verge of crossing below the RSI SMA line at the time of writing. However, if QNT manages to close above the crucial support level of $108.40 by today’s trading session, the cryptocurrency could surge to $111.7 shortly.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
