A popular analyst is bullish on the short-term prospects of three altcoins despite the gloomy sentiment surrounding the crypto markets.
Crypto strategist Michaël van de Poppe tells his 614,500 Twitter followers that leading smart contract platform Ethereum (ETH) appears poised for a quick rally after recapturing a key low timeframe support.
“Ethereum needs to break $1,100 and then we can target $1,250.”
At time of writing, Ethereum is swapping hands for $1,145, a 27% increase from its yearly low of $897.
Next up is Binance Coin (BNB), the utility token of crypto exchange Binance. According to Van de Poppe, BNB looks to be gearing up for a bullish continuation.
“Shared this one earlier, in which the crucial area to hold was the region around $215. Holding nicely for BNB, expecting continuation to $240 or $257 next.”
At time of writing, Binance Coin is trading at $231.71, up nearly 25% from its 2022 low of $186.
The last coin on Van de Poppe’s radar is Fantom (FTM), a smart contract platform designed for decentralized applications. According to the crypto strategist, he’s looking for FTM to reclaim a key support area to sustain its bullish momentum.
“This one needs to flip crucial level: FTM. Looks fine anyway, but flipping $0.26 would trigger bullish continuation to possibly new highs.”
Looking at Van de Poppe’s chart, a move above $0.26 could trigger a rally to $0.29 for FTM. At the of writing, Fantom is valued at $0.257, down over 3% in 24 hours but up over 22% from this year’s low of $0.199.
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Featured Image: Shutterstock/WindAwake/Yevheniia Rodina