A popular analyst says he has his radar locked on one altcoin that’s flashing a lot of strength amid the crypto market doldrums.
Michaël van de Poppe tells his 636,500 Twitter followers that crypto bulls should consider adding Binance Coin (BNB) to their portfolio.
“Also, something to add in your portfolio: BNB.
Definitely showing a ton of strength, but the entire ecosystem surrounding Binance is expanding heavily.
Must-have for your long-term portfolio.”
BNB is the native utility token of top crypto exchange Binance. At time of writing, BNB is changing hands for $274, up nearly 50% from its 2022 low of around $183.
Van de Poppe is also closely watching the price action of Bitcoin (BTC). The crypto analyst says that while Bitcoin has been stuck in a narrow range as of late, he says that macro events could finally trigger upside volatility for BTC.
“Coming week is a large one with all the events, which almost makes it inevitable that we’ll break out of the range. I’m watching this final resistance ($19,591). It needs to break, and then the party can start.”
According to Van de Poppe, he’s keeping an eye on the US Consumer Confidence Index (CCI), which is due for release today. The CCI measures the sentiment of consumers regarding the strength of the country’s economy.
Another macro event on Van de Poppe’s calendar is the US GDP for Q3, scheduled on Thursday. Lastly, the analyst is also waiting to see the September figures for the Personal Expenditures Price Index (PCE), a metric known for capturing inflation or deflation in the US.
Traders often track key economic indicators to gauge whether US policymakers would be forced to end their tight monetary policies, a move that could be very favorable for risk assets like Bitcoin and crypto.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2022/10/25/top-analyst-says-one-altcoin-showing-tons-of-strength-with-bitcoin-breakout-this-week-almost-inevitable/