Ethereum, Avalanche, Polkadot and Curve Are Gearing Up for Breakouts, According to Analyst Michaël van de Poppe
Top crypto analyst Michaël van de Poppe says that leading smart contract platform Ethereum (ETH), two rivals and one additional altcoin appear poised to ignite breakout rallies.
In a new strategy session, Van de Poppe tells his 166,000 YouTube subscribers that Ethereum is currently testing the strength of its immediate resistance at around $1,700.
Should ETH bulls take out the resistance, Van de Poppe sees Ethereum rallying by over 46% from current prices.
“The fun part starts with Ether when it cracks this high… If we keep above $1,660, if we do hold and test the high again and break through the high at $1,780, I think taking out all those highs ($2,000) is pretty much accepted. And then we go to the upper side of this range and then I’m looking at $2,400.”
At time of writing, Ethereum is valued at $1,640.
Another altcoin on the trader’s list is smart contract protocol Avalanche (AVAX). According to Van de Poppe, AVAX is one resistance away from launching a massive 79% surge.
“We are testing the range high again ($26). If we crack through it, it’s the same as with Ether. We are looking at range highs or at previous highs here which ultimately results in acceleration and then we could even be seeing a run all the way towards $42.”
At time of writing, AVAX is changing hands for $23.41.
Next up is interoperability blockchain Polkadot (DOT). Van de Poppe says that while DOT can potentially sustain its bullish momentum in the short term, he believes other altcoins offer better risk/reward ratios.
“Maybe it’s going to accelerate quite fast here. I think then a retest at $9 is probably next. Difficult one. I think there are better opportunties to trade than DOT.”
DOT is currently trading at $8.17.
The last altcoin on the analyst’s radar is CRV, the governance token of stablecoin-focused decentralized exchange Curve Finance.
“If we want continuation going here probably we want to test the previous high, which means that if we have a correction… I’m going to look at $1.33 for the test and then we get continuation towards $2.”
At time of writing, CRV is swapping hands for $1.33.
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