Famous crypto money analyst Crypto Michael stated that many altcoins are in the accumulation phase. According to the analyst, price increases can be seen after the horizontal movements.
Altcoins such as LINK, XRP, SXP may rise after corrections.
Sharing his estimates for December, the famous analyst stated that a week has passed with correction movements. He stated that the correction movements made a healthy contribution to the markets and he emphasized that it is not right to buy while experiencing bullish panics. He stated that the levels that need to be entered should be made in the regions where the decreases are experienced.
Some altcoin pairs purchased on the radar:
LINK / USD and LINK / BTC (ChainLink)
XRP / USD and XRP / BTC (Ripple)
SXP / USD and SXP / BTC (Swipe)
ChainLink in the Rectification Stage
Stating that the long-standing parabolic rise in ChainLink price has ended, the analyst stated that correction movements may take a long time.
Poppe highlighted two critical support levels located at 0.00063₿ and 0.00052₿. Stating that he does not expect a further decrease for the altcoin, the analyst stated that the price increase may occur after the fluctuations in these levels.
The critical levels that ChainLink must surpass are at 0.00083₿ first. According to the analyst, exceeding this level may open the door to resistance zones at 0.00100 and 0.00120₿.
Price Action on the LINK / USD Pair
Indicating that LINK could be caught in the resistance zone at $ 13.2-13.9 against the dollar, the analyst stated that due to the shoulder-head-and-shoulders formation, a pullback to the level of $ 10 could be experienced. He added that a depreciation towards the $ 7 level could be expected.
Released Altcoin: XRP
Crypto Michael stated that the $ 0.45 zone is quite strong support for XRP.
He underlined that if the resistance level near $ 0.57 is exceeded, there could be a rise towards the $ 0.64 level. He stressed that support near $ 0.45 could be retested if an attempt to cross the $ 0.57 zone fails.
He later said that due to the possible impact of Bitcoin on the markets, XRP could continue to lose value towards support near $ 0.4.
Possibility of Rise in XRP / BTC Pair
Stating that XRP may further weaken against BTC, Crypto Michael stated that there may be a decline to the support level near 0.00002400₿.
The famous analyst drew attention to support near 0.00002383₿ on charts containing higher time intervals and showed that the levels he indicated overlapped with each other.
Earnings Back Altcoin: SXP
According to the analyst, the overall weakness shown by Swipe against Bitcoin is striking. Poppe stated that the price retreated completely after the rally reported earlier. He added that an accumulation may be observed at the current levels and then an increase may occur.
The analyst stated that SXP was rejected from the $ 1.15 resistance zone and the price moved in the range of $ 0.75-1.15. He also underlined that as long as the resistance at $ 1.15 is not broken, there may be a sideways movement in the specified price range for a while and then a rise may be seen. The uptrend is expected to continue to the $ 2.5-3 levels.
According to the analyst, many cryptocurrencies are priced in the accumulation phase, which may give the opportunity to buy.