A closely followed crypto strategist believes that one Ethereum (ETH) based token is gearing up for a significant rise.
Pseudonymous analyst Rekt Capital tells his 347,000 Twitter followers that the Ethereum-based supply chain management blockchain VeChain (VET) appears poised for a rally after regaining both the horizontal and diagonal support levels on the monthly time frame.
According to Rekt Capital, he expects VET to rise to its next monthly resistance of $0.269.
“Forming a new higher layer (black).
And if indeed the June monthly candle closes like this, it is possible that vocational education and training can consolidate through the green path in the coming weeks.
Have yet to confirm the new higher low.
At the time of writing, VET is trading at $0.18.
The next step is Waves (WAVES), a protocol aimed at creating tokens and decentralized applications (DApp). According to Rekt Capital, WAVES could be about to bottom on the monthly chart as it creates a triangle pattern. Rekt says the bottom can be confirmed if WAVES clears its resistance at $2.50.
“Maybe a macro triangle is developing, not yet clear if it is rising.
Blue resistance at $2.50 may be the breakout point for the triangle.
Breakout would allow a return to the blue-blue range for about 40% broad consolidation.
At the time of writing, WAVES is worth $2.22.
Another altcoin on the trader’s list is the internet-scale blockchain MultiversX (EGLD), formerly known as Elrond. Rekt Capital says EGLD managed to stay above the $32.54 monthly support. Should EGLD bulls continue to hold the immediate support area, the analyst predicts a rally for MultiversX to around $40.
“Great response from horizontal support (black).
Continued stability here and EGLD will prevent a breakdown into the range indicated by blue arrows.
More, holding here could allow an EGLD rally for the one year downtrend (black).
At the time of writing, EGLD is worth $35.44.
The last altcoin on the analyst’s radar is the fan engagement token Chiliz (CHZ). According to Rekt Capital, CHZ remains in a multi-year bear market, but the token could rise to $0.096 as long as it rises above its immediate support of $0.05.
“The red multi-year downtrend weighs on CHZ.
In fact, it forced a blue support outage.
Now that CHZ has found support with black below…
CHZ might try to go to blue to check if it will become a new resistance.
At the time of writing, CHZ is trading at $0.08.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia