Popular crypto analyst Michaël van de Poppe says Cardano (ADA), Chainlink (LINK) and three other altcoin projects offer some of the highest risk-to-reward ratios as the correction continues.
Cardano, Chainlink and three additional altcoins may rally this month
In a new strategy session, Michaël van de Poppe stated that Cardano’s demand area is in the $0.70 range and is below $1.00. He said that there is potential to go above $1.00:
In such a scenario, we are looking for a move above $1.00. If that doesn’t happen, I’m looking at the next level around $0.38, but watch out for these two levels if you want to get into Cardano for investment.
Decentralized oracle network Chainlink, Van de Poppe says LINK is currently in a position to deliver potentially positive returns to long-term investors:
I want to include Chainlink in my portfolio and I want to start saving up to $7 from here. If you average $9, LINK’s ATH is $52. If the downside risk is about 30% to 50%, the upside potential is at least 500%. I always think that’s a plus if the project is basically still doing well.
Van de Poppe is also closely watching the Curve Finance CRV
The CRV support level must hold $1.93 to create enough bullish momentum for a strong breakout. As long as the CRV stays above this level, the analyst points to the following scenario:
As long as we stay above $1.93, it looks like we will continue to move, and if another higher bottom occurs here around $2.20, we’ll most likely settle for $3.00. Then we look at the $3.50 test and potentially a continuation here that we are eager to break $6.00.
Next, we have SCALE (SKL). Van de Poppe says SKL could potentially ignite a 5x rally if the bulls manage to bail out a key price area:
If we enter this zone between $0.10 and $0.13, investment thesis starts to pile up here, because chances are when we run again we get the $0.30 and we’ll most likely start getting those as well. ($0.40) focuses on a fresh run to $0.60. If you look at this, the final thesis and final look will get you a 400% run.
The last altcoin on the analyst’s radar: VeChain (VET). Van de Poppe says he sees VET forming a bottom below $0.039:
If we take any of these scenarios, the next trade will most likely get us $0.15 or $0.12.
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