Famous analyst Michaël van de Poppe, who is famous for his accurate predictions on crypto markets, made evaluations about popular altcoin projects LUNA, ATOM, ETH, VET and RUNE. According to the analyst, two altcoin projects in particular are showing strength against Bitcoin (BTC) as Ethereum (ETH) lags behind. Details are on Kriptokoin.com.
Two altcoins show strength against BTC
As markets grapple with the changing macroeconomic and geopolitical landscape, a popular crypto trader is considering altcoin projects with potential to gain. In a recent strategy session, Michaël van de Poppe told his 165,000 YouTube subscribers that he currently sees only two crypto projects standing up to Bitcoin (BTC). Highlighting the ecosystems of the public blockchain protocol Terra (LUNA) and the scalable decentralized network Cosmos (ATOM), the renowned crypto analyst said, “Within altcoins, how should you determine true strength? Via bitcoin pairs. We can see that Bitcoin pairs are not showing much strength outside of the LUNA [and] ATOM ecosystem,” he says.
Anchor Protocol (ANC) is one such example. The lending and lending platform built on the Terra blockchain has increased 50% in just one week as the total value locked in the project has reached $11.21 billion in locked total value (TVL). Analyst Van de Poppe notes that even the leading smart contract platform Ethereum (ETH) has not been keeping up with Bitcoin after BTC’s recent price surge. He advises prospective altcoin investors to be patient.
Bitcoin’s structure is solid, altcoins need patience
According to Analyst Poppe, Ethereum (ETH) against Bitcoin is falling and other Bitcoin pairs are losing momentum. On the subject, the analyst says:
When it comes to [Altcoins], you obviously want to wait for additional confirmation or fundamental reasons, i.e. [interest] rates to increase, as well as Bitcoin’s price action. For example, Bitcoin is clearly under-structured, clearly knocking over $46,000, which are two reasons why you might want to rush altcoins at this point because then the scope of your trading will change.
Van de Poppe states that for now, Bitcoin dominance remains strong and he expects it to continue to rise in light of broader macroeconomic and geopolitical events. “I think there is a relative slowdown with altcoins,” Poppe says. Van de Poppe uses his Twitter account to discuss the supply chain management blockchain VeChain (VET). The analyst tweeted, “If we look at BTC versus VET, the picture remains the same. “Heavy downtrend, but it doesn’t look like he’s looking to jump heavily until confirmation with a bullish [support/resistance] turn.”
RUNE comments
The trader then comments on the decentralized cross-chain liquidity protocol THORChain (RUNE). Poppe says:
My view of RUNE remains the same at this point as we have reached an important resistance zone. Since we have liquidity, I do not expect a one-time breakout. If we do, the flip can be a trigger. If not, then I’m looking at the green zone.
Regarding Bitcoin, Van de Poppe thinks BTC still has room to move up. Poppe said, “There was a short-term correction in Bitcoin after reacquiring liquidity. “It looks to me like we’re going to see another run towards the heights, as the correction isn’t as fast as we would normally be.” Regarding the chart above, the trader says: “The whole market is probably expecting such a move in Bitcoin.” At the time of writing, Bitcoin is down 4.28% on the day, just slightly off its weekly high above the $44,000 level to trade at $42,472.
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