Trader Predicts Big Bounce for DeFi Altcoin, Updates Forecasts on Fantom and Polygon
In style crypto analyst Michaël van de Poppe thinks that one decentralized finance (DeFi) altcoin that’s been exhibiting power this 12 months is probably going due for a giant bounce.
Van de Poppe tells his 649,800 Twitter followers that GMX, the native asset of decentralized perpetual buying and selling platform GMX, stays in an uptrend regardless of its latest corrective transfer from its all-time excessive of $85.07, which it hit on February 18th.
The dealer believes that GMX will probably bounce as soon as it hits help at round $69.
“This one is trending upwards and due to this fact, nonetheless within the ‘purchase the dip’ strategy. If it stays above $65-68, we more than likely see one other rally in the direction of the all-time excessive and the vary at $65-68 turns into a focal point.”
At time of writing, GMX is value $75.15.
Subsequent up is wise contract protocol Fantom (FTM). Van de Poppe thinks that the Ethereum (ETH) rival may witness a deeper pullback if the crypto markets proceed to flash weak point.
“I’ve marked this degree as focal point on Fantom. We received there, so it must be activated. Nonetheless, if markets are persevering with and the development is now decrease highs, decrease lows, then I’m taking a look at $0.36 for the following lengthy alternative.”
At time of writing, FTM is buying and selling for $0.469, simply above Van de Poppe’s first space of curiosity.
Van de Poppe can be protecting an in depth watch on Polygon (MATIC), which he says may very well be gearing up for a big bounce.
“This one is at a focal point and potential bounce areas. If that’s happening, 20-25% might be established. If not, then I’ll be taking a look at $1 subsequent.”
At time of writing, MATIC is value $1.27.
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Featured Picture: Shutterstock/diversepixel/Natalia Siiatovskaia
