Crypto Michael Reveals Key Areas Bitcoin, Ethereum and Cardano Must Hold To Avoid Further Crash
Solomon Odunayo
3 min read
Michaël van de Poppe, a crypto analyst and trader, popularly known as Crypto Michael, has outlined the areas Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA), must maintain to avoid further sell-off, as the prices of cryptocurrencies in the market continue to exhibit notable volatility.
In a new video first reported by Daily Hodl, Van de Poppe told his teeming followers that the flagship cryptocurrency, Bitcoin (BTC), must hold a $30,000 support level to avoid losing relatively 20% of its value.
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Crypto Michael noted:
“At this stage, if we are going to continue making this range-bound movement, the area that we have marked green ($30,000) is the area that we should be holding as support. If that is lost, I think we’re going to have a fallback towards $24,000. That’s the next support zone.”
Despite the fact that Bitcoin (BTC) briefly lost the support area, leading to the drop to a new 90-day low of $28,893, the king of coins has showcased a magnificent price resurgence to trade above $34,000. With this new development, the trader said Bitcoin must also surge above the $35,500 resistance level to maintain the positive trend.
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Crypto Michael tweeted, “Bitcoin is still acting in support here, with the crucial breaker at $35.5K. If this support doesn’t hold, I’m seeing $24K as the next area.”
#Bitcoin is still acting in support here, with the crucial breaker at $35.5K.
If this support doesn't hold, I'm seeing $24K as the next area. pic.twitter.com/kk2CJixUyF
— Michaël van de Poppe (@CryptoMichNL) June 22, 2021
As for the second-largest cryptocurrency by market capitalization, Ethereum (ETH), Van de Poppe pointed out that the crypto has tapped support around $1,758 after the notable correction that played out recently.
At the time of filing this report, Ethereum (ETH) is trading at $2,012.83, with a relatively 3% price upsurge in the last 24 hours, according to CoinMarketCap.
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“Ethereum at next support.”
#Ethereum at next support. pic.twitter.com/2nsVTOOubA
— Michaël van de Poppe (@CryptoMichNL) June 22, 2021
In the case of Cardano (ADA) against Bitcoin (BTC), Van de Poppe said the trading pair breached critical support of 0.000038, but the recovery of this area could ignite a bullish momentum.
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“Cardano lost a critical support zone, and we’re looking at the next level of support around 3,000 satoshis (0.00003). Bullish if we reclaim the previous support level.”
#Cardano lost a critical support zone and we're looking at the next level of support around 3000 sats.
Bullish if we reclaim the previous support level. pic.twitter.com/77o3VEIQ61
— Michaël van de Poppe (@CryptoMichNL) June 22, 2021
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