Most of the top tokens in the market are trading red today. With bears trying to regain control, BTC has plunged to $47.6K level. Ethereum, Cardano, BNB and XRP too are on a downtrend.
Popular crypto analyst, Altcoin Psycho in a recent YouTube Video has marked crucial support levels for Bitcoin, Ethereum and Chainlink to hold in the near term.
The analyst says that he’s looking at two main price areas where BTC could potentially bounce.
According to him, BTC could achieve a short term bounce at $44,000 i.e the previous weekly low. However, if Bitcoin stoops lower, it’s monthly close level i.e $41000 will give a really strong bounce.
The analyst is highlighting two scenarios in which Ethereum (ETH), the smart contract platform, can restart its ascent after a little correction.
He says he has a strange gut feeling that something strange is about to happen here. ETH at $2,600 level could have front-run, and the token reverses back up before anyone has a chance to bid in that zone.
For the second scenario he says,
“….or I could imagine a scenario where we trap people. So we temporarily trade below here, trap a bunch of late shorters and then send our way back up.”
Chainlink, a decentralised oracle platform, comes next (LINK). According to the crypto expert, he’s keeping a close eye on Chainlink’s price behaviour in the hopes of catching a bargain.
The analyst says,
“I think this is a great zone ($18.00) to bid for LINK. This is one of the ones that I’m watching… I think this is a good level to bid, and I will be bidding this level myself.”
Thor Chain & Akash Network
In addition to the above coins, the analyst predicts next levels for RUNE and AKASH too.
First up for the decentralised exchange protocol Thorchain(RUNE). The analyst says, he is planning on bidding at $8 level. He goes on to say that he wouldn’t be using any leverage. However, if it gets back to horizontal, at $6 or $7 he would cut off the trade.
Next up is the decentralised marketplace for computer resources, Akash Network (AKASH). According to the trader, his prognosis on AKASH is two to three years in the future.
“The reason that I’m bringing this to your guys’ attention is this is one that I will continue to accumulate if it goes lower. Here’s one of my bid zones ($2.40). I seriously can’t stress enough when I say it’s a long-term investment.”