Bitcoin and the cryptocurrency market have been trading sideways for the past week after suffering big losses over the weekend. Despite the short-term negative price movement, market participants are still optimistic about the altcoins, suggesting that the industry is increasingly risk-averse.
Popular cryptocurrency analyst Michael van de Poppe has identified two altcoins that traders should keep an eye on.
The well-known analyst said that despite recent gains made by smart contract platform EOS (EOS), he is still keeping an eye on Binance’s utility token BNB and Polygon (MATIC), a blockchain scalability solution.
He claims that EOS has recently had one of the best performances. On trends, he honestly believes he will concentrate on MATIC and BNB. BNB is acting really powerfully, and the BTC pair is moving forward. These will probably take off the moment DXY displays weakness.
“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.”
An index called DXY measures the US dollar’s value in relation to a basket of other fiat currencies. Van de Poppe asserts that the DXY is bullish so long as it is above 108 points.
Van de Poppe said that his bullish thesis is still valid in spite of the current dip in the cryptocurrency markets by taking a look at the TOTAL chart, which counts the total market capitalization of all digital assets. Cryptocurrency’s entire market capitalization is still on track to record a higher low. For confirmation, the analyst looks at $900-$925 billion. The situation is still valid.
According to Van de Poppe’s forecast for a bullish upper low scenario for the TOTAL chart, BTC will undergo one more corrective move. He said that the markets are in a severe slump, yet cryptocurrency prices are still holding steady. It wouldn’t be shocking to see one more sweep of the lows, and he believes we’re still rather close to the low.