Last week Bitcoin declined and bottomed at $38,000 level. However the flagship currency was quick enough to claim the $40,000 mark this week. This price action impacted altcoins as the altcoins market also saw to and fro price action where they dumped and pumped along with Bitcoin.
Analysts Take On NEAR, Polkadot & Two Others
A popularly known Crypto analyst Michael van de Poppe put forth his analysis on four altcoins including Ethereum competitor Polkadot (DOT) and Near Protocol (NEAR).
Michael van de Poppe, informs his 587,800 twitter followers via tweet claiming that Ethereum challenger Polkadot should surpass its immediate resistance barrier in order to see its price surging 35%.
“Very simple chart. Needs to break $20 and then $27 seems next.”
At the press time, Polkadot is trading at $17.88 with a surge of 1.89% in the last 24hrs.
The next altcoin that Van de Poppe talks about is Near Protocol which is a developer focused blockchain designed to take care of scalability and stability. The Analyst is having a close watch on NEAR so that it will create a support around $13 with the resistance barrier at $17.70 and $20.
“This one didn’t change. I’m still interested in longing for this one around the region of $13.”
At the time of writing NEAR is valued at $14.74 with an increase of 5.15% over the last 24hrs.
The next altcoin is VeChain (VET), a blockchain that is specially designed to support companies to optimize their supply chains. According to Michael van de Poppe, there are two bullish prospects for VeChain.
“- Either $0.058 flip would be a great long for some upside continuation. – Or I’m looking at $0.05 as a level next for support to test.”
Currently VeChain is changing hands at $0.05615 with an upside of 4.04% in the last 24hrs.
The last currency that has gained Michael van de Poppe’s attention is STEPN (GMT) which is a lifestyle token providing users Non-fungible token (NFT) sneakers and rewarding them for entering into the real world.
Poppe believes that if STEPN (GMT) stays above $3.20, the currency can avoid heavy correction in the coming days.
“This one is looking ready for continuation, but I’d be chasing some trades in the $3.20 region. If that one is lost, I think the fall can be quite heavy, so I’d be targeting [the] $3.20 region for some scalp longs.”
At press time GMT price is trading at $3.40 with an uptrend of 4.77% in the last 24hrs.
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