Crypto trader Michaël van de Poppe tells his 657,300 Twitter followers that the total market cap for altcoins has “heavy” support on the 200-week moving average (MA) and the exponential moving average (EMA).
“Total market capitalization for altcoins is on a crucial level.
It shows that we’re looking at a heavy support on the 200-Week MA and EMA.
If those sustain, a new impulse move to the upside is likely.”
Looking specifically at LTC’s 200-week MA and EMA, Van de Poppe says Litecoin is ready for price movements as we approach the altcoin’s halving.
“Litecoin fighting the 200-MA and EMA again on the Weekly timeframe.
Primed for a breakout, as we’re getting closer to the halving.”
The Litecoin halving is an event that occurs every four years where the block reward for mining Litecoin is cut in half. This reduces the supply of Litecoin and can lead to an increase in price. The trader thinks LTC looks good heading into its halving, expected in August of this year.
“Litecoin looks bueno.”
Litecoin is worth $94.52 at time of writing, up 9.4% in the last week.
“Chainlink between $6-8 is an opportunity of a lifetime.”
LINK is trading for $6.39 at time of writing.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elnur/Natalia Siiatovskaia