Dear crypto analyst, Michael van de Poppe has sent out an important message for altcoin enthusiasts. After conducting a thorough analysis, Michael confidently claims that altcoins are on the cusp of a significant breakout, signaling the start of a bullish market trend. He advises investors to shift their focus to altcoins, emphasizing that now is the right time.
Altcoins secret weapon of success
Michael took his audience through a brief overview of the current state of the market and made some compelling comparisons to past cycles. By analyzing market performance, he points out that we are now at a point where investing in altcoins can be extremely rewarding.
Also Read: Top Altcoins Likely To Receive ETFs In 2023 – Coinpedia Fintech News
The expert focused on the 200-week exponential moving average (EMA), highlighting that the market is showing signs of support at this level. Michael observes recent market activity and suggests that we are witnessing a slump situation where the 200-week moving average (MA) and 200-week EMA have recovered, indicating a potential shift to upward continuation.
Can Altcoins Challenge Bitcoin’s Dominance?
Underlining the current market stance, Michael stated that altcoins are still in a depression phase and most remain significantly undervalued against Bitcoin (BTC). According to the analyst, the Bitcoin pairs are currently low in their valuations and we are reaching the intersection of the 200-week MA and EMA on the Bitcoin dominance chart that could potentially serve as resistance.
By examining Wall Street’s cheat sheet, he noticed an alignment with the current price action in the markets, further strengthening his case for an impending altcoin bull run. He further pointed out that overall sentiment towards altcoins is exceptionally low, creating a potentially lucrative opportunity for those looking to invest.
Chainlink ready for growth!
To illustrate his findings, Michael zoomed in on Chainlink. Despite enduring a bear market for nearly three years, Chainlink is now showing signs of a resurgence. Michael notes that once Chainlink regains 23 on its satoshi value, the market is likely to see significant growth.
