Famous analyst Michaël van de Poppe named five companies that he believes will perform well in the first quarter of 2024. altcoin He explained. Van de Poppe stated in his post on X that the altcoin season is already in play.
However, he noted that chasing cryptocurrencies with 100x potential may not make sense this time. Instead, he advised his followers to consider coins with large market caps and great utility. Here are the five altcoins he mentioned and his reasons for choosing them.
Ethereum (ETH)
According to the analyst, Ethereum (ETH) will outperform Bitcoin (BTC) this quarter. Because he is of the opinion that the spot Ethereum ETF will be approved soon. Although he acknowledged that a Bitcoin ETF would also receive approval, he noted that the positive impact on the altcoin would be even better.
Koinfinans.com As we reported, the price of ETH at the time of writing was $2,381. CoinMarketCap announced that this happened after the cryptocurrency gained 4.38% in value in the last 24 hours.
RSI had risen to 64.27 according to the technical evaluation of the 4-hour chart. This reading was evidence that ETH’s momentum was on the rise.
If the buying momentum continues, it will only be a matter of time before the coin moves into the $2,400 region. One reason for this prediction was the successful flip of the $2,300 resistance.
However, indicators from the Bollinger Bands (BB) showed that there may be another hurdle to cross near $2,390. If the bulls clear this path, 2,400 could be confirmed, while it is possible for ETH to hit $3,000.
Optimism (OP)
Optimism (OP) was the second crypto asset on van de Poppe’s list. This was because the token entered the Ethereum ecosystem. So he is of the opinion that if ETH runs, OP should follow it.
This insight was clearly seen in OP’s 24-hour performance. According to CoinMarketCap, the price reached $3.89, thanks to a 7.31% increase. However, OP’s RSI showed a bearish trend, unlike ETH’s, as shown on the 4-hour chart.
However, data showed that increasing upside momentum remains an option. If this momentum leads OP to break through the $4.20 region, a trip to $5 is possible.
Arbitrum (ARB)
Same reason OP is on the list Arbitrum(ARB) was also included in the list.
At the time of writing, the ARB/USD 4-hour chart is moving higher. Although the uptrend is rejected at $1.73, the price may not fall sharply due to the support at $1.58. Additionally, the Money Flow Index (MFI) showed that the ARB was experiencing intense buying pressure.
This pressure took MFI to the overbought level as it broke through 80.00. As it stands, ARB may fall slightly from $1.71. However, this decline may not invalidate the bullish thesis. So, a run towards $2 may be possible in the short term.
Chainlink (LINK)
Chainlink (LINK) is a cryptocurrency that van de Poppe has been talking about since its price dropped below $8. The reason he chose LINK again was because he thought there could be a DeFi rally in 2024 and the token could be a part of it.
Looking at the 4-hour chart, LINK turned upwards as a result of sellers exhaustion. Previously, the cryptocurrency’s rise to $17.50 triggered a wave of profit-taking.
However, after falling to $14.92, buyers returned and pushed LINK towards $16. The Accumulation/Distribution (A/D) indicator also confirmed this sentiment. If accumulation continues to outweigh distribution, it is possible that LINK could be on track to reclaim $17.50.
Sui (SUI)
SUI, was a surprising inclusion in the analyst’s pick given how it has struggled to outperform other L1 cryptocurrencies. However, van de Poppe noted that SUI’s support for decentralized applications could play a role in the token’s performance.
Like LINK, SUI has formed higher highs since January 1. Interestingly, the MACD has also turned positive, indicating strong upward momentum. There was a similar showing with On Balance Volume (OBV).
OBV is 24.81 million at the time of writing. This indicated a bullish mass sentiment. If this upward phase continues for a while longer, SUI may reach the $1 milestone.