Widely followed crypto analyst Michaël van de Poppe says the markets are bouncing back after a rough week, starting with Bitcoin (BTC).
Analyzing the top crypto asset by market cap, Poppe predicts BTC bumping back up to the $34,000 range is possible soon.
“Bitcoin held the crucial level, which is great.
Looking to see whether it can sustain above $29,700-30,000.
If so, then a test at $32,700 and potentially $34,000 is possible.”
The analyst says a continuation is likely for Bitcoin, trading for $30,716 at time of writing, with one caveat.
“Depending on the US markets, but continuation seems likely here for Bitcoin.”
Van de Poppe turns his attention to Dogecoin (DOGE), which has been playing dead alongside the rest of the crypto markets for weeks. The crypto analyst says the dog-themed memecoin is finally ready to come up.
“Time to go up for DOGE too.”
Looking at Ethereum (ETH)-rival Cardano (ADA), he expects the falling altcoin to bounce back from its next support.
“Well, ADA didn’t hold at $0.68 and is currently down 87%.
The next support around $0.38-0.40 is the one the markets bounced from.
From here to previous support is already a 2x.”
Cardano is trading for $0.57 at time of writing, up 25% over the last 24 hours.
Looking at Ethereum scaling solution Polygon (MATIC), the trader foresees the layer-2 altcoin testing the $1 range if BTC can hold $30,000.
“Would not be surprised if MATIC is going to test $1 in the coming days/weeks if $BTC reclaims $30,000.
In the markets; always we’ll be having opportunities.
The percentage gains and possibilities are unlimited at this point.”
Polygon is currently trading for $0.73, up 28% over the last 24 hours.
Van de Poppe looks last at the Fantom (FTM) protocol, a crypto asset that the trader thinks could nearly double in price before hitting any resistance.
“Seems that we’re seeing that relief rally across markets at this point.
For FTM, continuation towards $0.68 seems likely before we hit the first real resistance.
All in all, volatility will remain high, but probably we’re in a new accumulation period.”
Fantom is trading for $0.37 at time of writing, up 28% over the last 24 hours.
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Source: https://dailyhodl.com/2022/05/13/bitcoin-and-crypto-markets-pop-heres-whats-next-for-btc-dogecoin-cardano-polygon-and-fantom-according-to-michael-van-de-poppe/