Crypto Analyst Says Polygon (MATIC) and One More Large-Cap Altcoin Are the Ones To Watch Right Now
Popular crypto strategist Michaël van de Poppe is naming two altcoins that he believes should be part of a trader’s watchlist.
The widely followed analyst tells his 623,200 Twitter followers that while smart contract platform EOS (EOS) has recently staged a strong rally, he’s still has his radar locked on blockchain scaling solution Polygon (MATIC) and Binance’s utility token BNB.
“Apparently, EOS is one of the strongest performers lately.
I think I’d focus on MATIC [and] BNB on trends, honestly. BNB is acting super strong and BTC pair keeps on running.
The moment that DXY shows weakness, these will most likely take off.”
DXY is an index tracks the value of the US dollar against a basket of other fiat currencies. According to Van de Poppe, the DXY looks bullish as long as it is above 108 points.
“All eyes are on the USD to break beneath 108 points again, as we’ve got a fake-out. Otherwise, trend contains and risk-on [assets] will have more pain.”
At time of writing, the DXY is trading at 108.74 points.
Looking at the TOTAL chart, which measures the collective market capitalization of all digital assets, Van de Poppe says that his bullish thesis remains intact despite the recent weakness in the crypto markets.
“The total market capitalization of crypto is still on pace to create a higher low. Would maybe look at $900-$925 billion though, for confirmation. The scenario still stands.”
At time of writing, TOTAL is hovering above $1 trillion.
As for Bitcoin, Van de Poppe says he sees BTC going through one more corrective move in line with his predicted bullish higher low scenario for the TOTAL chart.
“It’s a deep correction on the markets, but crypto remains relatively stable. One more sweep of the lows isn’t unexpected, and I think we’re still relatively close to the low.”
At time of writing, BTC is valued at $21,366, flat on the day.
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