Well-known cryptanalyst Mikael van de Poppe talks about what will happen next with four altcoins, including Polkadot (DOT) and Near Protocol (NEAR), which have been called competitors of Ethereum. Here are the details…
Michael van de Poppe draws attention to altcoin projects competing with Ethereum
Van de Poppe told his 587,800 Twitter followers that the compatible Polkadot blockchain must eliminate immediate resistance in order to have a chance of a 35 percent increase. For the Altcoin chart: “A very simple chart. It should break through $20, and then $27 will appear,” he said. At the time of writing, Polkadot (DOT) is changing hands at a price of $17.85, which is 3.3 percent higher.
This is followed by Near Protocol (NEAR), a developer-oriented blockchain designed to ensure scalability and stability. According to Van de Poppe, NEAR is forming support around $13 with resistances at $17.70 and $20. He states that he is still interested in “opening a long position” around $13. NEAR is $14.74, up 7.1 percent at the time of writing.
What’s next for VET and GMT?
Another cryptocurrency on the list of traders is VeChain (VET), a blockchain platform designed to help companies optimize their supply chains. Van de Poppe said he is considering two bullish scenarios for VET. He pointed out that $0.058 could be good for continuing growth and opening a long position, while drawing attention to $0.50 as the next support level that can be tested.
The latest token on the analyst’s radar is STEPN (GMT), a lifestyle token that supplies users with NFT sneakers and rewards them for the steps they take in the real world. According to Van de Poppe, GMT should stay above $3.20 to avoid a strong correction. “GMT looks ready to continue, but I will be around $3.20 after a few trades. If it is lost, I think the drop could be quite strong, so I will target the $3.20 zone for a long time.”