Crypto markets have continued to fall in the last week as Bitcoin and Altcoins continue to follow the downward trend. The majority of analysts and traders continue to be pessimistic about major assets. Following the dramatic price movement throughout the crypto markets in the last 24 hours, crypto trader Michael van de Poppe discusses critical locations to hold for Bitcoin, Ethereum, and Cardano.
Van de Poppe warns his 106,000 subscribers in a new video that Bitcoin (BTC) must maintain above a critical level to prevent losing another 20% of its value.
According to him, the ongoing range-bound movement going on, referring to the green $30,000 region, should be held as support at this point. If it fails, he believes that we’ll be forced to settle for $24,000. That’s the next zone of support in his opinion.
While Bitcoin momentarily breached Van de Poppe’s support region, falling to a new 90-day low of $28,893, the leading cryptocurrency is currently on the rise, with a 24-high of $34,243, according to CoinMarketCap. With the recovery, Van de Poppe believes Bitcoin will need to break through resistance at $35,500 to continue its ascension
After yesterday’s dip, Van de Poppe also notes that ETH Price has touched a support level around $1,758. According to CoinMarketCap, the leading smart contract platform has subsequently bounced and is now trading at $2,034.
When comparing Cardano to Bitcoin (ADA/BTC), Van de Poppe claims the pair has broken through an important support at 0.000038. The crypto trader, on the other hand, believes that a rebound of this crucial sector might spark bullish momentum.
Cardano price has lost a vital support zone, and the next level of support is estimated to be about 3,000 satoshis (0.00003). He said that If we retake the previous support level, we’ll be bullish. ADA/BTC is currently trading at 0.00003731, up more than 8% from yesterday’s low of 0.00003440.
Van de Poppe has also seen Cardano’s (ADA/USDT) ability to endure the sell-off in the midst of the crypto markets’ dramatic price swings. The fifth-largest cryptocurrency is currently selling at roughly $1.27, up 27% from its low of $1.00 yesterday.