The overall cryptocurrency market is currently experiencing uncertainty due to increased regulatory scrutiny, leading to a slight correction in assets like Bitcoin (BTC). Interestingly, as Bitcoin undergoes a short-term consolidation phase, market participants are turning their attention to alternative assets that have the potential to impact the overall sector.
In particular, renowned crypto trading expert and analyst Michaël van de Poppe, in a YouTube video posted on June 10, highlighted XRP and Litecoin (LTC) as the primary altcoins to monitor in the near future.
Poppe specifically emphasized the significance of the ongoing lawsuit against Ripple on XRP’s price direction. After analyzing XRP’s weekly chart, he identified a potential breakout scenario for the digital currency. Poppe suggested that if XRP successfully surpasses its resistance level at $0.52, it could surge toward the $1 mark.
“If we break the resistance, I think that we can start expanding to $0.75 but most likely start expanding towards a dollar or more. To crack this resistance zone, a flip of that resistance zone is where you want to start getting into a trade,” he said.
Regarding the potential timeline for the price movement, Poppe mentioned that it could take several weeks for the anticipated scenario to unfold. Currently, XRP is trading at $0.49, experiencing a daily loss of approximately 8%.
Interestingly, the analyst also highlighted the correlation between XRP and Dogecoin (DOGE). If XRP performs as projected, the focus is expected to shift towards Dogecoin due to its noticeable correlation.
In the case of Litecoin, Poppe suggested that the digital asset is likely to witness significant price movement leading up to the halving event, which is anticipated to contribute to the token’s valuation.
Furthermore, the analyst noted that recent price trends indicate that LTC is poised to break out of its consolidation phase, displaying a “classic ascending triangle structure.”
While LTC currently faces resistance at $100, Poppe mentioned that surpassing this level would depend on reclaiming $92. However, he cautioned about potential volatility in the market.
“We are having a classic ascending triangle structure, we are also having this resistance here at $100 to $105. <…> If we are going to break back above, which is based on the level around $92. If that level breaks and we can have an expansion,” he said.
The analyst also noted that Litecoin’s performance is closely tied to the movement of Bitcoin. According to his projections, if Bitcoin reaches $26,500, it could potentially result in strength for LTC.
Furthermore, Poppe predicted that LTC has the potential to rally to at least $170, a price level where investors might consider taking profits. With LTC currently trading at $77.07, Poppe suggested that the price of $77.1 presents an opportunity to accumulate the asset.
While acknowledging that the general altcoin market has experienced a downturn recently, the analyst cautioned that based on the weekly candle chart, the overall market appears to be heading towards a bearish short-term future.
“This is not the weekly candle you’d want to see on the total market capitalization for crypto. Losing the 200-Week MA shouts for a downwards continuation on the trend,” he said.
He stressed that there is no need for alarm as long the market can sustain its total capitalization above $1 trillion.
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