The cryptocurrency market has bottomed out over the past 24 hours. The global market capitalization is $1.23 trillion with the price of bitcoin trading at $29,992. Similarly, most major altcoins are struggling to clear major hurdles.
Michael van de Poppe is a popular crypto strategist who tracks potential price increases for all three crypto assets. Pope told his Twitter followers that the rebound from the drop in BTC price could mean that BTC and altcoins are set to go on a run this month.
Van de Poppe further points to bitcoin’s ideal support level of $30,400 and says that a rise to highs of $35,000 could prove to be a successful defense line for BTC.
The next altcoin on traders’ radar is Chainlink (LINK), a decentralized oracle network that was trading at $8.83, up 1.59% over the past 24 hours. Pope opined on the strength of LINK saying that the altcoin’s resistance (R) level of $7.25 may now turn into its support level (S).
Seeing this he said: “Well, $7.25 was actually holding up for LINK and now it is continuing the momentum of $9 and reached that level. Nice S/R flip play.”
XCAD is the last native utility on analysts’ radar. The XCAD project that participated in the upcoming live stream to be held on June 16 is in a strong position in the market, says van de Pope.
“XCAD is showing strength as it is moving towards $5 and is a key breaker. If we break $4.80-5.00, $6 and $8 are on the horizon + a big event for XCAD on the coming 16th ”