Bitcoin and Ethereum have lost over 25% since last week. Meanwhile, the overall market is trading at 2020 levels. According to legendary cryptocurrency analyst Michaël van de Poppe, strong price movements can be expected for some altcoins. Due to the increased volatility, the analyst expects a 200% price hike in more 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 said he closely monitors Fetch.ai (FET) and Elrond Gold (EGLD). Fetch.ai is a platform that aims to bring together technologies such as machine learning, artificial intelligence and Blockchain. The analyst says the FET price has formed a low in a strong support zone. This region will be key in the coming months before exiting a broad range by 2023. Sharing the chart below, Poppe expects the following levels from the FET price if it finds support from this base:
Assuming I see such a scenario for the FET, I would be interested in a long position around $ 0.11 for a quick 2-3x rally (which I still think we’ll see in the summer).
Looking at the analyst’s chart, it can be seen that the price of the FET rose from around $ 0.11 to over $ 0.30 between July and September, then gradually dropped to $ 0.14 in November and reached $ 0. 40 in early 2023. As a result, Poppe expects $ 0.40 from the support base of 0.11 in early 2023.
At the time of writing, FET is trading at $ 0.1124, down 7% in the past 24 hours. Therefore, he reached the level of support that the analyst appeared. The altcoin set its ATH price at $ 1.19 in September last year. It is now trading 90.45% below this level.
Next altcoin on analyst’s radar: Elrond Gold (EGLD)
Elrond Gold is a Blockchain platform designed to power distributed applications, business use cases and crypto transactions. According to Poppe, the EGLD price has identified a temporary low of around $ 40. Therefore, the analyst says that a short-term increase can be seen given the current market conditions. Just like FET, the analyst, drawing attention to a lower region of one year long in the EGLD chart below, shares the range in which he will take a long position:
A bullish divergence must be confirmed before taking a long position. In this case, we could be in the $ 40- $ 42 range.
cryptocurrency.com As you can see from the analysis, EGLD has lost 13% in the past 24 hours. The project describes itself as a technology ecosystem for the new Internet that includes fintech and the Internet of Things. The price of EGLD reached $ 542.58 in November last year. Since then, the market has been in decline. If the EGLD confirms the current levels as lows, Poppe says it could be interpreted as a short-term rally.
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