Well-regarded crypto analyst Michaël van de Poppe says markets are bouncing back after a tough week, beginning with Bitcoin (BTC).
When analyzing the top crypto asset after market capitalization Poppe predicts that BTC could soon rally back to $34,000.
“Bitcoin held crucial levels, which is great.
Let’s see if it can sustain above $29,700-$30,000.
If so, then a test at $32,700 and possibly $34,000 is possible.”
The analyst says a continuation is likely for Bitcoin, which is trading at $30,716 at the time of writing, with one caveat.
“Depending on US markets, but here bitcoin seems likely.”
Van de Poppe draws his attention Dogecoin (DOGE), which has been playing dead alongside the other crypto markets for weeks. The cryptanalyst says the dog-themed memecoin is finally ready to hit the market.
“Well, ADA didn’t hold $0.68 and is currently down 87%.
The next support around $0.38-0.40 is the one that markets bounced off.
From here to previous support that’s already a 2x.”
Cardano is trading at $0.57 at the time of writing, up 25% over the past 24 hours.
Check out Ethereum scaling solution Polygon (MATIC) the trader envisions the layer 2 altcoin testing the $1 area if BTC can hold $30,000.
“Wouldn’t be surprised if MATIC tests $1 in the coming days/weeks as $BTC reclaims $30,000.
In the markets; always we will have opportunities.
The percentage wins and opportunities are unlimited at this point.”
Polygon is currently trading at $0.73, up 28% in the last 24 hours.
Van de Poppe is last looking at the Fantom (FTM) protocol, a crypto asset that the trader believes could nearly double in price before hitting the Resistance bumps.
“It seems that at this point we are seeing this recovery rally in the markets.
For FTM, a continuation towards $0.68 seems likely before we hit the first real resistance.
All in all, volatility will remain high, but we are probably in a new period of accumulation.”
Fantom is trading at $0.37 at the time of writing, up 28% over the past 24 hours.
Check the price action
Source: Crypto News Deutsch