Analyst Maps Next Levels For ATOM, EGLD, DOT & EOS
It goes without saying that everyone in the cryptocurrency business, particularly investors and traders, have been negatively impacted by the bear market of 2022. After two weeks of rather a calm cryptocurrency market activity, a Friday sell-off frenzy has rattled altcoin values. As analysts sought to identify the source of the slowdown, prices fell everywhere.
Amid the sell-off, a well-known expert in studying the charts to revise his price targets for a few key crypto assets. First, Michael van de Poppe says that he is closely monitoring Cosmos (ATOM), a scalability and interoperability ecosystem that just gave up gains from the most recent leg of a prolonged rise that began in mid-June.
He said that there is enormous support for the coin at this point, which is reasonable for long entries. He will likely need $8 if this one is lost. Then, a trigger toward $18–20 in the next month is possible.
The crypto analyst then discusses the crypto lending and borrowing technology Aave (AAVE), stating that in light of the most recent market-wide correction, he believes the altcoin is a candidate for range trading, with support at $80 and resistance at $103.
According to him, this one is heading downward as the market as a whole is correcting. The downturn was accelerated as a result of the fake-out over the barrier and the dip below $103. Looking at support at $82–$82. Consider $103 as important resistance. plays with a long field.
Enterprise-grade blockchain platform Elrond (EGLD), which has been continuously declining since August 10th, is also on Van de Poppe’s watchlist. The analyst has assigned two levels of support: if the first one fails, $50, and if it succeeds $44.
“An important level of support and confluence on multiple timeframes. Gap has been filled, which was practically the last one. Arguments for a bottom around the markets could be there. Resistance at $57. Break there = new highs. Support: $50 and $44.”
The crypto expert believes that Polkadot (DOT), a cross-chain interoperability platform, might rally to $8.40 if $7.70 is reclaimed. Van de Poppe issues a warning about the likelihood that DOT may lose support at $7.
According to him, if we take back $7.70, we should look for a trigger on this one because a retest at $8.40 is then likely. Otherwise, one should play the waiting game and determine whether a price of less than $7 triggers longs.
EOS (EOS), a decentralized open-source platform that competes directly with Ethereum due to its smart contract capabilities, is the last project on Van de Poppe’s radar (ETH).
The trader warns his followers not to chase currencies that are already pumping in response to the altcoin’s midweek rise against larger market trends that were immediately followed by a violent corrective move.
“Looking at the structure, you should learn a lesson from this recent move of EOS. Avoid chasing pumps!
In this case, I’d be looking at confirmation if we dip to $1.18 and reclaim $1.30 afterward for longs. The same goes for reclaiming the $1.40 area.”