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- Analyst Michaël van de Poppe shared his predictions for Ethereum, XRP and the altcoins market.
- Van de Poppe predicts a correction for ETH, XRP and Bitcoin (BTC) if the $12,000 level does not becomes support.
In a new video on the state of the crypto market, trader and analyst Michaël van de Poppe shared his possible scenarios for the coming days. The analyst advised his audience not to fall in FOMO (Fear-of-Missing-Out) for altcoins that have moved strongly in the last days.
The trader first concentrated on some tokens from the Ethereum DeFi sector. With exorbitant profits, these tokens can be a huge opportunity for investors but also for a total loss. As an example van de Poppe cited BAND of the Band Protocol. As can be seen in the chart below, BAND has experienced a significant increase in a short time. The trader explained that the chances that BAND and other tokens with similar gains will continue the upward trend are low, at least in the short term:
Bringing a coin into this area is completely idiotic. If you want to take over the trade in this area, better donate the money to a charity and dedicate yourself to something else. (For BAND trading) I am more interested in a longer delay (in price) as we saw in the last price increase.
The analyst stated that he is more interested in other coins such as Celer Network’s CELR. He believes that CELR’s performance indicates an upcoming rally. Comparing the current state of CELR with the state of BAND before the massive increase shown above, Michaël said:
Celer Network is showing a clear volume accumulation, which is showing that people are interested in this asset… We see that we are above the 100-day and 200-day (moving average) for the first time since the listing. So we’re getting into the bull territory for the first time since it has been listed.
Van de Poppe predicts an increase of the price of Celer Network’s token in the CELR/BTC pair towards 200 Satoshis which would represent an increase of 140%. Additionally, the analyst believes that Harmony’s ONE has similar indicators to CELR. In the ONE/BTC pair, the currency is priced at around 80 Satoshis with the potential for a parabolic increase of 110% towards 180 Satoshis.
The trader also advised investors to keep their eyes on the MANA token of Decentraland and the ALGO token of Algorand. According to Michaël, these tokens could have increases close to 100% if they manage to maintain their current support levels.
Correction for Bitcoin, Ethereum and XRP?
In a video titled “Ethereum And Ripple: Where To Buy The Dip?” van de Poppe also states that he expects a setback for ETH and XRP. According to him, ETH will reach 280 dollars while he recommends investors to wait until this level before taking a long position. He also expects that XRP will also go down after reaching $0.32. Van de Poppe determined as possible support level at $0.28 or $0.24 before establishing a long position.
Finally, the van de Poppe referred to the Bitcoin price (BTC) and stated that the cryptocurrency should turn the resistance level of $12,000 into support. Otherwise, he expects a drop to $9,800. Below you can see Crypto Michaël’s full analysis:
Last updated on August 10, 2020