Popular cryptocurrency trader and Dogecoin (CRYPTO: DOGE) bear Michaël van de Poppe has said investors should watch for some altcoins that are ready for “a massive breakout” to the upside as the bull market continues.
What Happened: Van De Poppe, who goes by the username of Crypto Michael on YouTube and has 142,000 subscribers to his YouTube channel, said that investors should watch for four altcoins.
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“The upward strength is currently happening on Litecoin through which we are making higher lows, higher highs. We also get ourselves to watch a crucial resistance zone which could be meaning that we are getting a corrective notion quite soon,” Van De Poppe said.
The altcoin’s corrective move will be irrespective of whether or not Bitcoin (CRYPTO: BTC) touches the $75,000 level.
The analyst said he is looking to enter Litecoin at the level of around 3500 sats (satoshis).
Litecoin is up 7.2% during the past 24 hours, trading at $267.04 at the time of writing.
2. Stellar: The second altcoin the analyst is watching is XLM, which could not break through a crucial resistance zone and is currently consolidating beneath the resistance point. He wants to see the altcoin breakout above the level of 650 sats.
Stellar is up 3.3% over the past 24 hours to $0.3998.
3. Ontology: The analyst noted that Ontology is also facing a crucial resistance point in the level of $1.1538 to $1.3273 that it could not break through yet.
“If that breaks, it might be happening that we’re getting a run of 45% on Ontology, Van de Poppe said.
Ontology is up 0.5% over the 24-hour period to $1.15 at press time.
4. XRP: The analyst noted that the actual breakout for XRP still has to happen above $1.31.
“If that takes place, we can use Fibonacci extension to derive the next target point and then I’m looking at a retest of this entire block around $1.75,” he said.
XRP is down 1.9% during the past 24 hours to $1.24.