Michael van de Poppe, a leading cryptanalyst, shared his thoughts on the prospect of an alternate new season, highlighting three cryptocurrencies that appear to be poised for a further breakthrough.
In a new video, Van de Poppe tells his 103,000 subscribers that despite a sharp correction in late May when bitcoin dropped to $ 30,000, a new season could be considered in the coming weeks.
The entire market cap of altcoins is still above the 21-day weekly moving average (21 WMA), indicating that the cryptocurrency’s bullish rally is probably not over yet.
“We are still trading above the 21 WMA, which means the chances of us continuing to move higher are very high … Many altcoins are looking to hit new highs in their USD and Bitcoin pairs. The fact that the market cap of altcoins is currently holding above the 21 WMA is a very bullish trigger and a good signal of the momentum we have that is giving the hypothesis [is] that we can keep working and that we still have a very strong summer for altcoins …
He noted that he remains adamant that a second season is just around the corner. The recent market drop is just a stop gap.
“Are we going to have a big altcoin season?” The thesis is still valid and I still assume they will continue to gain traction. It’s time for you to start earning, ”he said.
Van de Poppe says the automated market maker Curve Finance (CRV) intends to resume 100-day and 200-day moving averages in its bitcoin (CRV / BTC) pair and continue to rise.
“CRV is currently in a resistance zone, acting in one of them, but we can assume and expect a break above the 100-day and 200-day moving average, which will give us support there. We can then begin to break out of this accumulation range to new highs. “
According to the trader, after falling below the 100 and 200-day moving average, the KAVA interconnect lending platform is poised to hit new annual highs against Bitcoin (KAVA / BTC).
“We see ourselves reaching bigger ups and downs and momentum starts to change … where we enter a new cycle for KAVA. We will compensate for the losses incurred, ”he added.
Related article | Is this Bitcoin Season or Alternate Season? Currently no one knows
Mark Cuban owns many cryptocurrencies
One of the Ethereum wallets in Cuba was discovered in January when it released an NFT on Rarible, a decentralized non-fungible token market.
At the time, the wallet contained various Decentralized Finance (DeFi) currencies, but most of its funds were dedicated to the Aave lending protocol.
The Cuban seemed to have practically exhausted the same wallet. It contains over $ 26,000 worth of strange cryptocurrencies like Dogelon (ELON), Doge Inu (DOGI) and Bingo Inu, and around $ 2,000 Ethereum (BINGO). It is unknown if Cuba bought these crypto assets or if they were transferred to it by holders looking to promote their own currencies.
Lark Davis, a cryptanalyst and influencer, also studies the contents of various cryptocurrency wallets in Cuba, pointing out that the owner of Dallas Mavericks previously said in an interview that he stores 60% of his cryptocurrency wallet in Bitcoin, 30% in Ethereum and 10% in other altcoins.
“From what we know, from what we have collected, and from what we see on the blockchain, it has Aave, Rarible (RARI), SushiSwap (SUSHI), Polygon, Serum (SRM), Injective and Fantom (FTM) …
The coins I just mentioned are probably not his full wallet, but they are coins that he has publicly acknowledged as a possession or that we can see in his addresses.
Related article | Which altcoins are most likely to bounce?
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