As markets grapple with changing macroeconomic and geopolitical shifts, a popular crypto trader considered how to spot potential altcoins.
In a new strategy session Michael van de PoppeHe told his 165,000 YouTube subscribers that he currently sees only two crypto projects standing strong in the Bitcoin (BTC) trading pair.
Analyst, public blockchain protocol terra(LUNA) and scalable decentralized network cosmosEmphasizing the (ATOM) ecosystems, he said:
“How should you determine their true strength within altcoins themselves? Via Bitcoin transaction pairs. LUNA of Bitcoin trading pairs [ve] We can see that it doesn’t show much strength outside of the ATOM ecosystem.”
Anchor Protocol (ANC) is one such example. The platform built on the Terra blockchain has increased 50% in just one week as the total value (TVL) locked in the project has reached $11.21 billion.
Van de Poppe, the leading smart contract platform EthereumHe added that even . He advised potential altcoin investors to be patient.
“ETH is falling against Bitcoin. Bitcoin trading pairs are losing momentum. [Altcoin’ler] express additional consent or [faiz] You want to wait for fundamental reasons such as price increases, but also for Bitcoin’s price action.
For example, Bitcoin clearly has infrastructure, obviously knocking over $46,000, these are two reasons why you would want to rush for altcoins at this point because then the scope of your trade will be changed.”
Besides, Van de Poppe, for now bitcoin He said its dominance remains strong and expects it to continue to rise in light of broader macroeconomic and geopolitical events.
Van de Poppe is on Twitter, as well as on YouTube. VeChaini (VET) evaluated.
“If we look at BTC versus VET, the picture remains the same.
Heavy downtrend at higher timeframe support but bullish [direncin/desteğe] I don’t look like I’m going to want to enter slowly until I get confirmation with his return.”
Trader then decentralized cross-chain liquidity protocol THORChainat i (RUNE) evaluated.
“My view of RUNE remains the same at this point as we have reached a key resistance zone.
Since we have liquidity, I do not expect a one-time breakout. If we do, switching resistance to support could be the trigger. If not, then I’ll look into the green zone.”
bitcoin Regarding the issue, Van de Poppe thinks BTC still has room to move up.
“There was a short-term correction in Bitcoin after reacquiring liquidity. It looks to me like we’re going to see another run towards the heights as the correction isn’t as fast as we would normally be.”
The trader has the following to say about the chart below:
“The whole market is probably expecting such a move in Bitcoin.”
The entire market is probably waiting for a move like this on #Bitcoin. pic.twitter.com/dVu9LIgK0t
— Michaël van de Poppe (@CryptoMichNL) March 3, 2022
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.