Analyst Michaël van de Poppe says lows are in for crypto, predicts breakout for Curve (CRV) and Fantom (FTM)
Widely followed analyst Michaël van de Poppe says he believes the bear cycle low is in for the crypto markets.
Van de Poppe tells his 618,600 Twitter followers that the total market value of all crypto assets managed to jump right above a key bottom indicator.
“The most important chart is not Bitcoin. It’s the total crypto market cap (TOTAL). Never closed below the 200-week moving average in the recent crash and curled up again. This would mean we’ve seen the bottom. The most likely scenario is a continuation towards $1.25 trillion.”
At the time of writing, the total market cap for all crypto assets is just over $1 trillion, while the 200-week moving average of the TOTAL chart hovers around $860 billion.
While Van de Poppe foresees a sustained pullback across crypto markets, the analyst is bullish on CRV, the ticker symbol of stablecoin-focused decentralized exchange Curve Finance.
In a new strategy session, Van de Poppe says that CRV looks poised for a pullback before taking out resistance around $1.45.
“Based on the four-hour chart, the trend is up, so we could get a breakout… But given that we’re testing this area high ($1.45), it makes a lot of sense not to have a clear breakout yet… II then I’m looking at longs at $1.17… I would assume after that I’m going to get a trigger towards $1.98.”
At the time of writing, CRV is trading at $1.39, down over 4% in the last 24 hours.
Another altcoin on the trader’s radar is Ethereum (ETH) competitor Fantom (FTM). According to Van de Poppe, FTM is also likely to witness a retracement before it can manage to break its immediate resistance at $0.36.
“We can get to test at around $0.31. [It] wouldn’t be weird to have it after this test ($0.33). But overall the trend is up and we got a very strong bounce from the left at $0.29. It will most likely induce an eruption.”
Van de Poppe says a breakout could take FTM to as high as $0.46.
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