As the cryptocurrency market flashes green again, reclaiming the $1 trillion market capitalization, crypto traders and investors are carefully observing the performance of various altcoins to try and predict their further behavior.
Upon detailed examination of the altcoin market, crypto trading expert Michaël van de Poppe has drawn a conclusion that these digital assets are ready for another 100-200% run from where they are at the moment, as he explained in his tweet on July 28.
“Altcoins are ready to run another 100-200% from here.”
Example of AVAX
To illustrate his point, van de Poppe used the example and chart of Avalanche’s AVAX token that shows its breaking above the 50-day moving average earlier, highlighting that the “retest confirms buying pressure.”
The trading expert added that he also noticed “acceleration happening above $26 with all previous highs,” as well as “1D bullish divergence” to build on, which, according to him, indicates a possible target between $37 and $41.
Community bullish on altcoins and Bitcoin
Meanwhile, the crypto community over at CoinMarketCap estimated that the Cardano (ADA) token would trade at an average price of $0.711 by the end of August, a 56.20% increase from its price on July 27, as the network awaits the Vasil hardfork.
At the same time, the community has predicted that VeChain’s native VET token would surge by as much as 107.66% by August 31 and end up trading at $0.0486, possibly due to increased adoption, as Finbold reported earlier.
Besides altcoins, the community is also bullish on Bitcoin’s (BTC) near future, predicting it will breach the key psychological level of $30,000 and trade at an average price of $32,493 by the end of August, which is a 51.37% increase to the flagship digital asset’s price at the moment when the estimates were retrieved.
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