Micheal van de Poppe, a top crypto analyst, offers his thoughts on the prospect of a new alt season, highlighting three assets that appear to be primed for new breakouts. In a recent video, Van de Poppe informs his 103,000 followers that an alt season could be in the works in the next weeks, despite the brutal late-May correction that saw Bitcoin fall to $30,000.
According to him the whole altcoin market cap is still above the 21-day weekly moving average (21 WMA), indicating that the cryptocurrency bull run is likely not done yet.
He said that we are still acting above the 21 WMA, implying that we have a good probability of sustaining the uptrend. In their USD and Bitcoin counterparts, many altcoins will set new highs. The fact that the cryptocurrency market cap is currently above the 21 WMA is a very bullish trigger and a nice signal of the momentum we have, implying that we can keep grinding up and that altcoins have a very strong summer ahead of us.
Curve Finance (CRV) Price
Van de Poppe claims that automated market maker Curve Finance (CRV) is on the verge of retaking the 100-day and 200-day moving averages in its Bitcoin pair (CRV/BTC) and continuing its ascent.
He claimed that CRV is acting in a resistance zone, but he assumes and expects a reversal above the 100 and 200-day moving averages, which will provide support. Then we’ll be able to break out of this accumulating area and make new highs.
According to the trader, the cross-chain lending platform KAVA is poised to make new yearly highs versus Bitcoin (KAVA/BTC) after falling below the 100 and 200-day moving average indicators.
He points out that we’re making higher highs and lower lows, and the momentum is shifting… indicating that we’re entering a new KAVA cycle. He went on to say, “We’re recouping our losses”.
Ethereum Price, which is seeking to breach resistance around $2,900, Van de Poppe describes as “the primary momentum indicator for altcoins.” Ethereum appears to be holding the $2,600 support zone well recently, according to the expert, but it needs to break through the $2,900 barrier to continue its ascent toward $3,400. The more the $2,900 resistance is challenged, the weaker it becomes.