Crypto Analyst Says Polygon (MATIC) and One Large Cap Altcoin Are The Ones You Should Watch Right Now
Popular crypto strategist Michaël van de Poppe names two altcoins that he believes should be part of a trader’s watchlist.
The widely followed analyst tells his 623,200 Twitter followers that while smart contract platform EOS (EOS) has recently staged a strong rally, he still has his radar locked on blockchain scaling solution Polygon (MATIC) and Binance’s utility token BNB.
“Apparently, EOS is one of the strongest performers recently.
I think I would focus on MATIC [and] BNB about trends, honestly. BNB is acting super strong and the BTC pair continues to run.
The moment the 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 false out. Otherwise contains trend and risk-on [assets] want more pain.”
At the time of writing, 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.
“The total market cap of crypto is still making a higher low. Would maybe look at $900-925 billion for confirmation. The scenario still holds.”
At the time of writing, TOTAL hovers over 1 trillion dollars.
As for Bitcoin, Van de Poppe says that he looking BTC is going through another corrective move in line with his predicted bullish higher low scenario for the TOTAL chart.
“There is a deep correction in the markets, but crypto remains relatively stable. Another sweep of the lows is not unexpected, and I think we are still relatively close to the lows.”
At the time of writing, BTC is valued at $21,366, flat on the day.
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