Widely followed analyst Michaël van de Poppe gave an up-to-date assessment for the crypto markets. The analyst believes that the probability of a bear market in cryptocurrencies is low. Here are the details.
Van de Poppe told his 618,600 Twitter followers that the combined market cap of all crypto assets has managed to hit just above a key bottom indicator. told.
“The most important chart is not the Bitcoin chart. Total market cap (TOTAL) for cryptocurrencies. It never closed below the 200-week moving average in the last crash and rebound. That means we’re seeing the lowest level. The most likely scenario is to continue towards $1.25 trillion.”
At the time of writing, the combined market cap of all crypto assets is just over $1 trillion, while the TOTAL chart’s 200-week moving average hovers around $860 billion.
On top of these, Van de Poppe predicts a continued bounce in the crypto markets. Accordingly, stablecoin-focused decentralized exchange Curve Finance’s management token, CRV, is also expected to be positive. However, Van de Poppe said in a recent strategy session that the CRV looks poised for a pullback before advancing to the resistance around $1.45.
“According to the four-hour chart, the trend is up, so we might catch a breakout… But considering that we are testing the top of this range ($1.45), it makes sense that there is no clear breakout yet… in that case, I will wait long at $1.17… From now on, towards $1.98 I assume it will be a trigger.”
At the time of writing, the CRV is trading at $1.41.
Another cryptocurrency on the investor’s radar is Ethereum (ETH) rival Fantom (FTM). According to Van de Poppe, FTM is likely to experience a pullback before it manages to break the $0.36 resistance.
“We can test around $0.31. It wouldn’t be surprising to reach $0.33 after this test. But overall the trend is up and we got a very strong bounce to $0.29. This will most likely cause a breakout.”
Van de Poppe adds that a breakout could push FTM as high as $0.46.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.