Crypto analyst says Polygon (MATIC) and another large-cap altcoin are the ones to watch now
Popular crypto strategist Michaël van de Poppe names two altcoins he believes should be part of a trader’s watch list.
The well-respected analyst tells his 623,200 Twitter followers that while smart contract platform EOS (EOS) has recently staged a strong rally, his radar is still on blockchain scaling solution Polygon (MATIC) and utility token BNB is directed by Binance.
“Apparently EOS is one of the strongest performers lately.
I think I would focus on MATIC [and] BNB on trends honestly. BNB is acting super strong and the BTC pair continues to run.
The moment DXY shows weakness, they 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 USD falling back below 108 points as we have a fake out. Otherwise the trend contains and is risky [assets] will have more pain.”
Source: Van de Poppe/Twitter
At the time of writing, the DXY is trading at 108.74 points.
Looking at the TOTAL chart, which measures the collective market cap of all digital assets, Van de Poppe says his bullish thesis remains intact despite the recent weakness in crypto markets.
“Total crypto market cap is still about to make a higher low. But would maybe look at $900 billion to $925 billion for confirmation. The scenario still stands.”
At the time of writing, TOTAL is hovering over $1 trillion.
Regarding Bitcoin, Van de Poppe says he sees BTC making another corrective move in line with his bullish higher bottom scenario forecast for the OVERALL chart.
“It’s a deep correction in the markets, but crypto remains relatively stable. Another break 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, unchanged on the day.
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