For the past few weeks, cryptocurrencies have struggled to acquire any real traction. They battled to stay afloat as the virtual currency continued to be sold off. Due to excessive volatility, popular cryptos are likely to remain under pressure.
Michael van de Poppe, a well-known crypto trader, has identified crucial price levels for Bitcoin, Ethereum, VeChain, and Kava.
Bitcoin is still consolidating in the low-$30,000 range. He believes that if the top cryptocurrency falls below $32,500, it would most certainly fall to $31,000, which he regards as one of the final hurdles to a steep drop.
Bitcoin is still clinging to life in this market. If It loses this, then he will be looking at $31K as the last hurdle for support on this one. For the time being, it’s still consolidating, he said.
According to Van de Poppe, $34,673 is the primary point of resistance that Bitcoin must overcome in order to continue its ascension. In the last month, BTC has been rejected twice at that resistance level.
Van de Poppe expects Ethereum to retain 0.057 satoshis (sats) in its Bitcoin pair and break past resistance at 0.063 sats. According to Van de Poppe, if ETH/BTC can break over that challenging zone, the next point of resistance will be at 0.074 sats.
The trader also looks at VeChain (VET), a decentralized supply-chain tracker, which he claims is still in a slump against Bitcoin. VET will most likely retest essential support at 0.0000025 sats, according to him. If that support holds, VET might rise to 0.00000273 sats, where there is upward resistance.
Otherwise, he hints that VET is expected to retest support at 0.00000158 sats. The outlook on VET hasn’t altered; we’re still on the decline. For him, critical support is provided.
Cross-chain decentralized finance (Defi) lending protocol Kava is likewise following the trader’s projected trend, landing at 0.00127 sats support.
According to Van de Poppe, if Kava tests resistance around 0.000144 again, the asset will likely break to the upside and move for the next resistance zone at 0.00023.