Tuesday, June 6, 2023
HomeEthereumAnalyst Predicts Reversal for Top Ethereum Competitor, Says One-Red Hot Altcoin About...

Analyst Predicts Reversal for Top Ethereum Competitor, Says One-Red Hot Altcoin About To End Corrective Move

Widely followed cryptocurrency analyst Michael van de Poppe says Ethereum’s rally is imminent (ethereum) Challenger Avalanche (Avax) and the decentralized derivatives exchange protocol Injective (ink).

Van de Poppe tells his 636,000 Twitter followers that AVAX is flashing a bullish reversal signal as the RSI (Relative Strength Indicator) begins to rise while prices continue to fall and buyers are gaining momentum. It is said that it suggests that it is starting.

“Bullish divergence. Expect a reversal from here targeting $17 and potentially $20 as the market overheats.”

sauce: Van de Poppe/Twitter

At the time of writing, AVAX is trading at $15.72, up 1.50% on the day.

Watching Injective, Van de Poppe states that INJ’s brief remedial period is coming to an end.

“Yes, INJs hit in that area and bounce hard.

If we think the market will finish this correction today/tomorrow and turn upwards again, this will show strength.”

sauce: Van de Poppe/Twitter

Last week, INJ rose more than 40% in about 5 days and gave up some gains. As of this writing, INJ is trading at $1.95 and he’s up nearly 5% on the day.

Crypto analysts are also keeping a close eye on XRP, and he says it could bounce to the highs of the $0.51 range if it sustains support at $0.44.

“We go back to range lows and supports, but the second test here usually doesn’t give us enough strength. Still good for long bounce plays.

If lost -> next to $0.40 area. “

sauce: Van de Poppe/Twitter

At the time of writing, XRP is $0.46, flat for the day.

Trader’s Radar’s final altcoin is Ethereum rival Near Protocol (shortly). According to Van de Poppe, the NEAR bulls must regain their vital level. Otherwise, smart contract platforms may continue to decline.

“After a bearish retest so far, a retake of $3.10 would activate a continuation to $4.”

sauce: Van de Poppe/Twitter

At the time of writing, NEAR is trading at $2.94, up 3.49% over the past 24 hours.

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Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus

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