Bitcoin has broken out of the narrow trading range it maintained over the weekend, surging past the $69,500 mark. Currently, BTC is trading at $69,678. A renowned analyst, closely monitored by altcoin investors, recently shared his latest market forecasts, targeting specific altcoins and their potential price levels. Detailed insights are provided below.
Which Altcoins Are Targeted?
Michael Poppe, a respected figure among cryptocurrency enthusiasts, shared his predictions using technical analysis. He highlighted FTM Coin, noting its consistent pattern of lower highs and lower lows. Poppe pointed out that FTM has tested the $0.60 support multiple times and a breakout appears imminent. He has identified two areas of interest for swing trading in the near future, advising followers to stay alert.
Where Is FLOKI Headed?
FLOKI Coin, a major meme cryptocurrency, has experienced pauses in its rally due to recent market volatility. Poppe believes it can reach new highs in bullish markets but cautions against immediate investments. He noted that FLOKI has risen by 1200% since the start of its current run and has performed a liquidity sweep above the previous high, suggesting a higher risk of correction. Poppe recommends considering entry only after a 30-40% correction.
The analyst also shared insights on Chainlink (LINK), another favored altcoin. Poppe maintains that LINK is undervalued, especially as it hovers below $10. He views this as a last opportunity to invest before anticipated gains, referencing LINK’s historical performance of providing a 150% return in previous years starting from June.
Bullet Points: Key Insights
- FTM Coin is approaching a potential breakout after multiple tests at the $0.60 support level.
- FLOKI Coin may correct by 30-40% before presenting a worthwhile buying opportunity.
- Chainlink (LINK) is deemed undervalued and may offer substantial returns, as seen in previous market cycles.
Lastly, SUI Coin remains on Poppe’s radar despite facing increased competition. He highlighted its potential to reach $1.6 if it can break above the $1.17 mark. Poppe emphasized the importance of momentum in achieving this upward movement.
In summary, the analyst provides a detailed look at several altcoins, offering specific price levels and trading strategies. Investors are advised to remain vigilant and consider the potential corrections and breakout points highlighted by Poppe in his analysis.