The total value of the cryptocurrency market is again over $1 trillion. The 200-week moving average of the TOTAL chart is hovering around $860 billion. A notorious cryptocurrency analyst shares 3 altcoin projects he will buy in the meantime.
Michaël van de Poppe shares 3 altcoins he deems undervalued
Van de Poppe expects a rise in Curve Finance’s management token, CRV, as the crypto market slowly recovers. In his latest analysis, he said that CRV is poised for a pullback before breaking its resistance around $1.45:
According to the four-hour chart, the trend is up, so we may catch a breakout… But considering we tested this range high ($1.45), it makes sense that there is no clear breakout yet… In that case, I’ll be looking at long-terms at $1.17 for the CRV… I’m assuming I’ll get a trigger towards $1.98 from now on.
CRV is currently trading at $1.40. Today, it managed to briefly exceed $1.45, which the analyst pointed out. Curve is the DEX platform for stablecoins using AMM to manage liquidity. It recorded its peak price of $60.50 in August 2020. CRV has been in decline since then.
Another altcoin on the analyst’s radar is Ethereum rival Phantom (FTM)
According to Van de Poppe, FTM is likely to witness a pullback before it manages to break the immediate resistance at $0.36. The analyst’s expectations from the FTM price were:
We can test around $0.31 on the FTM chart. That wouldn’t be strange to have after this test ($0.33). But overall the trend is up and we took a very strong bounce from the left to $0.29. This will most likely cause a breakout.
Fantom is a smart contract platform that provides DeFi services to developers using its own consensus algorithm. With its own token FTM, the altcoin project aims to solve problems with smart contract platforms, specifically the transaction speed, which the developers say they reduce to under two seconds. The ATH level of FTM price is at $3.48. However, it has lost 90% of its value from this level since 2021. For FTM, which is currently trading at $0.3387, the analyst says the price will go up to $0.46.
Cryptocurrency market continues to look bleak
The crypto market had one of its worst quarterly performances during the second quarter of 2022. All major cryptocurrencies fell hard during this period. Bitcoin and Ethereum led the sharp decline of the state of the crypto market. The decline also caused a shift in wealth distribution patterns among investors. The recent Grayscale report, which we quoted as Kriptokoin.com, shows that the market may remain like this for a while.
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