© Reuters. PEPE, GRT, AVAX and QNT: ideas and strategies of famous traders
- Michael van de Poppe recently shared some of his thoughts, predictions, and possible strategies for various altcoins.
- The altcoins mentioned in van de Poppe’s tweets are PEPE, GRT, AVAX, and QNT.
- Possible additions and strategies for different altcoins. The altcoins mentioned in van de Poppe’s tweets are PEPE, GRT, AVAX, and QNT. Some issues highlighted by the merchant.
Well-known cryptocurrency analyst and trader Michael van de Poppe posted a thread on Twitter on Sunday where he shared his thoughts and predictions for some altcoins in the cryptocurrency market. In addition to his thoughts on cryptocurrencies, he also included some of the strategies he had in mind when it came to cryptocurrency trading that were discussed.
The first cryptocurrency Van de Poppe mentioned was Pepe (PEPE), which has been a fairly popular project over the past few weeks. The analyst stated in a tweet that he believes PEPE is in a bear market recovery. Additionally, the meme coin must remain above $0.00000173 in order to see an upward continuation, according to Van de Poppe.
At the time of publication, PEPE is valued at around $0.000001706 after a price drop of more than 9% in the past 24 hours. This managed to push PEPE’s weekly performance even deeper into the red. As a result, PEPE stock has fallen by 24.27% over the past seven days.
PEPE/USDT 4-hour chart (Source: TradingView)
PEPE price declined below 9 and 20 moving average lines on the 4-hour chart during today’s trading session. As a result, there was a noticeable bearish technical flag about to take off, with the 9 EMA looking to cross below the longer EMA line. In addition to this potential bearish flag, the 4-hour chart’s RSI line was trading bearish below the RSI SMA line.
These bearish technical signs indicate that PEPE price will continue to decline in the next 24 hours. This will most likely lead the price of the meme coin towards $0.0000016211 – the next major support level.
However, PEPE can still come back. If the crypto manages to close today’s trading session again above the 9 and 20 EMA lines on the 4-hour chart, it is likely to move towards $0.0000020275 in the next 48 hours.
Chart (GRT) was the second altcoin on Van de Poppe’s radar. Pointing to the fact that GRT had lost a crucial support level at $0.13, the analyst stated that he would have to regain this level to take a serious look at investing in the currency.
CoinMarketCap noted that GRT was one of several cryptocurrencies that saw a price increase over the past day, with the altcoin trading at $0.1239 after a more than 6% price increase. In addition, GRT also managed to set a daily high of $0.1245 during this time period.
GRT/USDT 4-hour chart (Source: TradingView)
Contrary to PEPE, GRT price managed to rise above the 9 and 20 EMA lines on the 4-hour chart, as it continues to trade as of press time. Technical indicators on the chart are showing that there is still bullish momentum left. However, the top created by the RSI line suggests that there may not be enough momentum to break above $1.3.
Van de Poppe also shared his thoughts on Avalanche (AVAX), and mentioned that it would be very important for the altcoin to recover $16.50. On the other hand, if the downtrend of AVAX continues, the analyst will consider entering a long position.
Although the price is up 2% in the past 24 hours, AVAX was still trading below $16.50, standing at $15.32 at the time of writing. Unfortunately, this bullish move failed to reverse the altcoin’s weekly performance, which remained in the red. With a decrease of 3.36% over the past seven days, AVAX continues to face challenges in the market.
AVAX/USDT (Source: TradingView)
AVAX price is also trading above the 9 and 20 EMA lines on the 4-hour chart. In addition, the shorter exponential moving average was looking to cross higher above the 20 EMA, which could indicate that AVAX price has entered a short-term bullish cycle.
If this new bullish flag is validated, AVAX price could rise to the next resistance level at $15.58 in the next 24-48 hours. However, the 4-hour chart’s RSI is contradicting the bullish trend, which is expressed by the 9 and 20 EMA lines. At press time, the RSI line has created a top, which is a sign that the bullish momentum of Avax has faded.
Finally, van de Poppe shared his thoughts on Quant (QNT) and revealed that the altcoin would have to turn $112 into support before he would even consider entering a position on it. If this happens, the analyst believes that the price of the altcoin could rise to $175.
Although Van de Poppe expects QNT to trade above $112, the altcoin has not reached that target at the time of publication. However, it was trading near a daily high of $109.89, hovering around $109.67. Interestingly, QNT managed to outperform (BTC) and (ETH) by 0.70% and 1.38%, respectively.
QNT/USDT 4-hour chart (Source: TradingView)
It seems that QNT price consolidated above the 9 and 20 EMA lines on the 4-hour chart. However, a break below the minor support at $108.40 would send the altcoin price below the 9 EMA line.
In support of this bearish notion, the RSI line on the 4-hour chart is negatively skewed towards the oversold territory and was close to crossing lower below the RSI SMA line at the time of publication. If QNT price closes today’s trading session above the aforementioned $108.40 support, the cryptocurrency price will be looking to rise to $111.7 in the next few days.
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The publication PEPE, GRT, AVAX, and QNT: Ideas and Strategies of Popular Traders appeared for the first time in Coin Edition.