Michael van de Poppe, a widely followed crypto trader, says that the FTX crash caused a surprising amount of fear, uncertainty and doubt (FUD). It points to three altcoins to follow. On the other hand, Altcoin Sherpa states that the Bitcoin collapse caused by this will be the reason for the decline in three altcoins. Here are the details…
Michael van de Poppe discusses the possibility of investing in three altcoins
Crypto analyst Michaël van de Poppe; XRP is commenting on the current crypto situation before setting out its plans for Chainlink (LINK). Last week, he stated that with the FTX collapse, everything was literally FUD. He even described the “amount of negativity” available as “astonishing”. The analyst, who then went to the charts, suggests that the current price level of LINK will potentially move upwards. While saying that the coin is consolidating at lower levels, he uses the phrases “it is a good entry level if you are looking for investment purposes”.
Next, Van de Poppe looks at SafePal (SFP), an altcoin that has risen 124% over the past seven days. He points out that SFP is a coin to watch for day trading purposes. SafePal is a decentralized cryptocurrency wallet powered by crypto exchange Binance. It allows users to manage their crypto wallets using their mobile phones. The SFP token is based on BNB Chain. It is used for staking, voting and earning rewards in the administration of the network.
Finally, the crypto analyst points to XRP, the seventh largest crypto by market cap. Markets are still consolidating at support levels, according to the analyst. It’s also filled with mega fear. For this reason, he states that he cannot say much about XRP. He states that entry is possible when it comes to investment. Still, he concludes his comments by saying “patience is required”.
Altcoin Sherpa: BNB, MATIC, ATOM bearish
Altcoin Sherpa, on the other hand, pointed to the possibility of another drop to the $10,000 to $14,000 price range of Bitcoin. He said that this also potentially pulls some tier 1 altcoins down. Altcoin Sherpa says it is focusing on these layer-1 blockchain projects because of their value capture potential. It first looks at BNB, Binance’s token. He says that if BTC rises, BNB will likely retake the $300 price range. However, he says that if Bitcoin falls, BNB will lose support in the $200 price range, it can be bought at $150.
He then looks at MATIC and says that the altcoin is getting stronger with partnerships and recent rallies. But he predicts that with a Bitcoin drop, MATIC could see more than 40 percent depreciation. He states that if BTC goes down, it can be bought at $0.50. Finally, he turns his focus to ATOM, saying that if BTC falls to the $10,000-14,000 price range, ATOM may see the $5 level. ATOM lost the bullish support in the $15 range earlier this month. According to the analyst, if BTC drops, you can buy ATOM for $5.
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