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 energy 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 doubtless bounce as soon as it hits help at round $69.
“This one is trending upwards and subsequently, nonetheless within the ‘purchase the dip’ method. If it stays above $65-68, we almost certainly 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 might witness a deeper pullback if the crypto markets proceed to flash weak point.
“I’ve marked this degree as focal point on Fantom. We obtained there, so it needs to be activated. Nevertheless, if markets are persevering with and the pattern is now decrease highs, decrease lows, then I’m $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 major bounce.
“This one is at a focal point and potential bounce areas. If that’s going down, 20-25% might be established. If not, then I’ll be $1 subsequent.”
At time of writing, MATIC is value $1.27.
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Featured Picture: Shutterstock/diversepixel/Natalia Siiatovskaia
