Ethereum scaling solution and two additional altcoins may be gearing up for liftoff, according to leading crypto analyst
Widely followed crypto strategist Michaël van de Poppe says he has his eye on three altcoins that he believes offer huge upside potential.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that he is closely following the price action of Cosmos (ATOM), a blockchain ecosystem designed to scale and interoperate with each other.
According to Van de Poppe, ATOM trades in a wide range between $21 and $43, which he says offers a favorable risk-reward ratio.
“If you come to the conclusion that the markets are going to move higher, why wouldn’t you want to enter the lower end of this range knowing that when you break out of that range, it starts to move pretty quickly… In this case? If we stay in this range for a longer period, the breakout will be epic and also relatively large.”
Van de Poppe says that a breakout of the $43 range high will trigger a massive rally that can push ATOM up to 7x from its current price of $27.30.
Next up is the Polkadot (DOT) interoperable blockchain, which, according to Van de Poppe, is gearing up for a breakout after testing resistance at $23 several times this year, signaling seller exhaustion.
“We have been making a nice rally through February, another test of the lows that create this bullish divergence. Another rally, sweeping this high ($23), which we’ve been doing here, which is also the highest volume below here, which says all the liquidity has been taken.”
The crypto strategist also notes that DOT is down more than 64% from its all-time high of $55.
The latest coin on the merchant’s radar is Skale (SKL), a blockchain network that allows developers to create and provide decentralized chains that are fully compatible with Ethereum.
According to Van de Poppe, SKL is undergoing a rapid correction after a “giant move”. He also says that Skale could mirror its price action in March 2021 when it corrected sharply before launching a massive rally.
“Like here (March 2021), we have been seeing a fairly natural correction, further proof that previous resistance turned into support, which will likely happen here as well. So we are getting a new wave of momentum, where if we are going to break above $0.31, we are going to sweep all of these highs. So I guess we’re going to have another one that will take us $0.60 to $0.70.”
At the time of writing, SKL is changing hands for $0.20.
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source: dailyhodl.com
