The crypto market after 2 days of positive trade, has slipped down again. As bulls fail to succeed the market trades on the red border again. Bitcoin has slipped below $49K, ETH is below $4K yet again. However, XRP, ADA, and SHIB have shown resilience as they still trade in green.
After the markets saw a sharp downturn in recent weeks, a well-known crypto analyst and trader has shared his 2022 outlook.
Michal van de Poppe tells his YouTube followers in a new strategy session that he’s looking at a trio of altcoins that have the potential for significant breakouts next year.
The trader appears to have been accumulating assets that he believes are undervalued, beginning with the decentralised alternative blockchain network Cosmos (ATOM).
He says the token is now exhibiting strength in price movement but has been experiencing some critical cycles to watch.
Cosmos had a fantastic run at the start of 2021. We had a hard corrective [beginning in May] that led to a lovely retest, he explains.
When present price action is looked at, it has got a gorgeous run, as well as a really tough corrective move, which has resulted in another great retest.
Looking ahead to what the future holds for ATOM’s value, Van de Poppe uses the 1.618 Fibonacci extension to forecast a run to $60 and possibly $100.
The chances are that in the initial run upwards, ATOM will be confronted with a new run towards the 1.618 Fibonacci, which might take us to $60.
“….But if we use the entire move previously, which might bring us towards $67, or even the next one joining the $100 category.”
At the time of writing, ATOM is trading at $27.48 up by 9.8% in the last 24 hours. The resistance on the upside is at $28 and the support is at $27.
Curve DAO Token (CRV)
Curve DAO Token, a decentralised exchange (DEX) and automated market maker technology, comes next (CRV). Higher lows and higher highs, according to the analyst, are reasons to be optimistic about the altcoins future price action.
He says that given that we’ve just witnessed a beautiful retest, after a big run already, CRV is currently leading up to a big breakout.
He notes that CRV is consistently making higher lows and higher highs, which could lead to an acceleration in Curve’s price discovery
At the time of writing, CRV is trading at $5.07 up by 2.7% in the last 24 hours. The resistance on the upside is at $5.3 and the support is at $5.
SUSHI, the native token of Ethereum-based DEX SushiSwap, is the crypto analyst’s last altcoin pick.
Van de Poppe says he’s considering buying SUSHI after witnessing the stock’s price plummet by more than 80%.
He notes that SUSHI is presently undergoing a lovely retest. He believes that once it breaks over the $4.64 to $6.19 range, $6.25 to $7 will be the actual trigger.
“I think if this one breaks at $7.35, actually, we’re going to see a new expansion when it comes to SUSHI.”
At the time of writing, SUSHI is trading at $6.62 up by 14.1% in the last 24 hours. The major resistance ahead is at $6.75.