A closely followed crypto strategist believes that one Ethereum (eth<\/a>)-based token is gearing up for a significant burst to the upside.<\/p>\n Pseudonymous analyst Rekt Capital tells his 347,000 Twitter followers that the Ethereum-based supply-chain management blockchain VeChain (VET<\/a>) appears poised for a rally after reclaiming both its horizontal and diagonal support levels on the monthly timeframe.<\/p>\n According to Rekt Capital, he’s expecting VET to rally to its next monthly resistance at $0.269.<\/p>\n \u201cForming a new higher low (black).<\/em><\/p>\n And if indeed the June monthly candle closes just like this, it’s possible VET could consolidate via the green path over the coming weeks.<\/em><\/p>\n Still needs to confirm the new higher low.\u201d <\/em><\/p>\n At the time of writing, VET is trading for $0.18.<\/p>\n Next up is Waves (WAVES<\/a>), a protocol focused on token and decentralized application (DApp) creation. According to Rekt Capital, WAVES could be on the verge of carving a bottom on the monthly chart as it creates a triangle pattern. Rekt says the bottom could be confirmed if WAVES takes out its resistance at $2.50.<\/p>\n \u201cMay be developing a macro triangle, not yet clear if ascending.<\/em><\/p>\n The blue $2.50 resistance may be the breakout point for the triangle.<\/em><\/p>\n Breakout would enable a return into the blue-blue range for some 40%-wide consolidation.\u201d <\/em><\/p>\n At the time of writing, WAVES is worth $2.22.<\/p>\n Another altcoin on the trader’s list is the internet-scale blockchain MultiversX (EGLD<\/a>), formerly known as Elrond. Rekt Capital says that EGLD managed to stay above its monthly support at $32.54. Should EGLD bulls continue to hold the immediate support area, the analyst predicts a rally for MultiversX to around $40.<\/p>\n \u201cGreat reaction from horizontal support (black).<\/em><\/p>\n Continued stability here and EGLD will avoid a breakdown into the range denoted by blue arrows.<\/em><\/p>\n More, holding here could enable an EGLD rally to the year-long downtrend (black).\u201d <\/em><\/p>\n At the time of writing, EGLD is worth $35.44.<\/p>\n The last altcoin on the analyst’s radar is the fan engagement token Chiliz (CHZ<\/a>, According to Rekt Capital, CHZ remains in a multi-year bear market, but the token could rally to $0.096 as long as it is above its immediate support at $0.05.<\/p>\n \u201cRed multi-year downtrend has been weighing on CHZ.<\/em><\/p>\n In fact, it forced a breakdown from blue support.<\/em><\/p>\n Now that CHZ has found support at black below\u2026<\/em><\/p>\n CHZ could try to rally to blue to check if it will become new resistance.\u201d <\/em><\/p>\n At the time of writing, CHZ is trading for $0.08.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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