Bitcoin and Ethereum have lost more than 25% since last week. Meanwhile, the overall market is trading at 2020 levels. According to legendary crypto analyst Michaël van de Poppe, sharp price movements can be expected for some altcoins. Due to the increased volatility, the analyst expects a 200% price increase in multiple altcoin projects in the coming months.
Michaël van de Poppe expects 200% from these 2 altcoins
In his current technical analysis, Michaël van de Poppe closely follows Fetch.ai (FET) and Elrond Gold (EGLD) told. Fetch.ai is a platform that aims to bring together technologies such as machine learning, artificial intelligence and Blockchain. The analyst says that FET price has formed a bottom in a strong support zone. This region will be critical in the coming months before breaking out of a wide range by 2023. Sharing the chart below, Poppe expects the following levels from the FET price if it finds support from this base:
Assuming we see such a scenario for the FET, I would be interested in a long position around $0.11 for a 2-3x faster rally. (which I think we’ll still see in the summer).
Looking at the analyst’s chart, the FET price surged from around $0.11 to over $0.30 between July and September, then gradually dropped to 0.14 in November, and peaked in early 2023. It appears to have reached $0.40. As a result, Poppe expects $0.40 from the 0.11 support base to early 2023.
At the time of writing, FET is trading at $0.1124, down 7% in the last 24 hours. Thus, it reached the support level that the analyst appeared. The altcoin set its ATH price at $1.19 in September of last year. It is now trading 90.45% below this level.
The next altcoin on the analyst’s radar: Elrond Gold (EGLD)
Elrond Gold is a Blockchain platform designed to power distributed applications, enterprise use cases, and crypto transactions. According to Poppe, EGLD price has identified a temporary bottom around $40. Therefore, the analyst says that a short-term rise can be seen given the current market conditions. Just like FET, the analyst, drawing attention to a long-year bottom zone in the EGLD chart below, shares the range where he will take a long position:
The bullish divergence needs to be confirmed before taking a long position. In this case, we could be in the $40-$42 range. As you can see from
Kriptokoin.com analysis, EGLD has lost 13% in the last 24 hours. The project describes itself as a technology ecosystem for the new internet that includes fintech and the Internet of Things. EGLD price reached $542.58 in November last year. Since then, the market has been in decline. If EGLD confirms current levels as bottoms, Poppe says it could be interpreted as short-term bullishness.
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