Popular cryptocurrency trader and Dogecoin (CRYPTO: DOGE) bear Michaël van de Poppe has said investors should watch for some altcoins that are ready for “a massive breakout” to the upside as the bull market continues.
What Happened: Van De Poppe, who goes by the username of Crypto Michael on YouTube and has 142,000 subscribers to his YouTube channel, said that investors should watch for four altcoins.
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1. Litecoin (CRYPTO: LTC): Amsterdam-based Van De Poppe noted that Litecoin is actually showing a “beautiful breakout” as the cryptocurrency market enters the second phase of the bull cycle.
“The upward strength is currently happening on Litecoin through which we are making higher lows, higher highs. We also get ourselves to watch a crucial resistance zone which could be meaning that we are getting a corrective notion quite soon,” Van De Poppe said.
The altcoin’s corrective move will be irrespective of whether or not Bitcoin (CRYPTO: BTC) touches the $75,000 level.
The analyst said he is looking to enter Litecoin at the level of around 3500 sats (satoshis).
Litecoin is up 7.2% during the past 24 hours, trading at $267.04 at the time of writing.
2. Stellar: The second altcoin the analyst is watching is XLM, which could not break through a crucial resistance zone and is currently consolidating beneath the resistance point. He wants to see the altcoin breakout above the level of 650 sats.
Stellar is up 3.3% over the past 24 hours to $0.3998.
3. Ontology: The analyst noted that Ontology is also facing a crucial resistance point in the level of $1.1538 to $1.3273 that it could not break through yet.
“If that breaks, it might be happening that we’re getting a run of 45% on Ontology, Van de Poppe said.
Ontology is up 0.5% over the 24-hour period to $1.15 at press time.
4. XRP: The analyst noted that the actual breakout for XRP still has to happen above $1.31.
“If that takes place, we can use Fibonacci extension to derive the next target point and then I’m looking at a retest of this entire block around $1.75,” he said.
XRP is down 1.9% during the past 24 hours to $1.24.