Michael van de Poppe, a widely followed crypto-strategist, believes one Ethereum (ETH), rival could be in a good position to start a bullish phase.
Van de Poppe informs his 776,000 social media followers that Near protocol layer-1 (NEAR), appears to have reached a bottom.
Analysts say that NEAR may be in its final accumulation stage before it launches a bull market.
This is an example of the typical Altcoin bull market.
First, the run-up is corrected before it actually runs.
The runs begin with the double-bottom test -> this is happening now.
“Good accumulation area”
Double-bottom patterns are a bullish structure that indicates an asset has a floor price before it launches an upward surge. NEAR was trading at $3.45 as of the time this article is written.
The trader, looking at the payment altcoin called XRP says that the coin’s gains have been massive and any potential upside will be very limited. He also believes that XRP could do something unexpected, and ignite another large rally.
In four weeks the asset’s price rose by 500%.
I think that the majority of the gains have already been captured and the only laggards who are still buying at this level is the ones with the most money.
Second best, I think we will consolidate first before continuing to rise. This is likely to take some time. If you are interested, then you should still be purchasing the dip.
Where is the question?
Let’s say anywhere in the lower range of the price, let’s just say between $1.50 and $2.25. “That’s an excellent region.”
At the time this article was written, XRP’s value is $2.57.
Van de Poppe, who is long-term positive on smart contract platform Sui(SUI), warns of the possibility that the altcoin could drop as low as $1.50. Van de Poppe also thinks that SUI will be able to achieve a 9x increase in value if they can pull off an actual bull cycle.
Invalidation? Sub $1.50… if it loses trend below $1.50, your loss could be 40-50%. Your upside could be between 300 and 800 %.”
SUI currently trades for $3.41.
Sonic (S), a layer-1 altcoin, is last on traders’ radars. Van de Poppe believes that Sonic (S) is currently in a strong uptrend and will surpass $1.
The new shiny diamond on the market.
Social media is gaining momentum and showing a strong upward trend.
It is likely that the trend will continue in the future.
I believe that traders would be willing to purchase dips… The area between $0.675-0.775 should then be the target…
Targets? Targets? The trend is up.
S was worth $0.86 at the time this article was written.
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Featured Image: Shuterstock/Alexxxey/Mia Stendal
This article appeared on The ICD.
