Crypto Analyst Says Polygon (MATIC) and Another Large-Cap Altcoin Are the Ones to Watch Right Now CryptoBlog
Renowned crypto strategist Michaël van de Poppe names two altcoins he thinks should be on a trader’s watchlist.
The widely followed analyst tells his 623,200 Twitter followers that while the EOS (EOS) smart contract platform has recently staged a strong rally, he still has his radar locked on the scaling solution. Polygon (MATIC) blockchain and Binance BNB utility token.
“Apparently EOS is one of the best performers lately.
I think I would focus on MATIC [and] BNB on trends, honestly. BNB is acting very strong and the BTC pair continues to work.
The moment DXY shows weakness, these will most likely take off.
DXY is an index that tracks the value of the US dollar against a basket of other fiat currencies. According to Van de Poppe, the DXY looks bullish as long as it is above 108 points.
“All eyes are on the USD to break below 108 points again, as we have a fake-out. Otherwise the trend is contained and risk-on [assets] will have more pain.
At the time of writing, the DXY is trading at 108.74 points.
Looking at the TOTAL chart, which measures the collective market capitalization of all digital assets, Van de Poppe says his bullish thesis remains intact despite recent weakness in the crypto markets.
“The total crypto market cap is still on track to create a higher low. I would look at maybe $900 billion to $925 billion, for confirmation. The script still holds.
At the time of writing, TOTAL is hovering above $1 trillion.
As for Bitcoin, Van de Poppe says he sees BTC is undergoing another corrective move in line with its predicted bullish higher low scenario for the TOTAL chart.
“It’s a deep correction in the markets, but the crypto remains relatively stable. Another sweep of the lows is not unexpected, and I think we are still relatively close to the bottom.
At the time of writing, BTC is valued at $21,366, fixed on the day.
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