Widely followed crypto strategist Michaël van de Poppe said he has his eye on three altcoins that he believes offer huge upside potential.
In a new strategy session, Van de Poppe told 165,000 YouTube subscribers, He reviewed 3 altcoins he bought for investment purposes. The analyst first He said that Cosmos (ATOM), a blockchain ecosystem designed around interoperability, is keeping a close eye on price action.
According to Van de Poppe, ATOM is trading in a wide range between $21 and $43, which he says offers a favorable risk-reward ratio.
“If you’re concluding that the markets are going to move up, why don’t you want to go to the lower end of this range knowing that when it goes out of such a range it will start to move pretty quickly… So if we move in this range for a longer period of time, the breakout will be epic and relatively large as well.”
Van de Poppe says crossing the upper limit of the range ($43) will ignite a massive rally that could push the ATOM up to 7x from its current price of $27.30.
The next altcoin is Polkadot (DOT), which Van de Poppe thinks is poised for a breakout after testing resistance at $23 this year.
“We had a nice rally throughout February, another test of positive dissonant lows. What we’re doing here is another rally that surpasses this high ($23) which is the highest volume below here and also says all liquidity has been taken.”
The crypto strategist also notes that the DOT is down over 64% from its all-time high of $55.
The last altcoin on the investor’s radar is Skale (SKL), a blockchain that allows developers to build and provision decentralized chains that are fully compatible with Ethereum. According to Van de Poppe, SKL is undergoing a quick fix after a “huge move”. He also thinks that Skale could repeat the price action of March 2021 before starting a major rally.
“As here (March 2021), we see a fairly natural correction taking place, a retest of the previous resistance turning into support will likely happen here as well. Then, if we are to break $0.31, we get a new impulse wave that will break through all these highs. Then I assume we’ll get another one that will take us between $0.60 and $0.70.”
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.