- Analyst Michael van de Poppe predicts a strong performance for altcoins following Ethereum's outperformance of Bitcoin.
- Van de Poppe views Polkadot as undervalued despite its solid fundamentals and active ecosystem, forecasting a surge to $17.
- He believes Near Protocol is poised for a price rally and could potentially double if it surpasses a key resistance level.
- Despite a recent dip, Van de Poppe expects Woo Network to resume its upward trend, potentially reaching $0.7 or higher.
- Van de Poppe considers Renzo a good investment for new crypto users, predicting a possible rise to $0.24, especially if Dogecoin breaks out to $1.
Following the approval of eight Ethereum ETFs in the United States, analyst Michael van de Poppe has highlighted several noteworthy developments in the cryptocurrency market.
Van de Poppe pointed out that Ethereum has been outperforming Bitcoin by over 25%. As long as Ethereum remains above the 0.05 BTC mark, this upward trend is expected to persist. He predicts that Ethereum will continue to outshine Bitcoin for a while, potentially triggering a broader "altcoin season" in 2024, where other altcoins may also see significant gains.
In his recent analysis, van de Poppe has identified five specific altcoins that investors should watch closely in June.
1. Polkadot (DOT)
According to CoinMarketCap data, Polkadot has experienced a 5.93% decline over the past week and a 1.04% drop over the last month. Despite this, van de Poppe believes that Polkadot is "one of the blockchains that's heavily undervalued." He notes that, despite its focus on scalability and security and the success of projects like Centrifuge, Energy Web, and XCavate within its ecosystem, Polkadot is trading at just $7. He suggests that a small trigger could drive Polkadot’s price to rally up to $17 or higher.
2. Near Protocol (NEAR)
Near Protocol has similarly faced a downturn, with a 10% drop over the past week but a slight 2.5% increase over the past month. Van de Poppe argues that Near is on the cusp of a significant breakout and poised for a parabolic rally. He believes that if Near can break through the 12,200 NEAR/BTC level, it could potentially double in value within a few months.
3. Woo Network (WOO)
Woo Network has seen a 10% decline over the weekly timeframe, although it has gained 7% over the past month. Van de Poppe suggests that Woo is likely to continue trending upwards. He believes that if Woo surpasses the $0.40 price level, it could see a strong upside movement, potentially reaching $0.70 or higher.
4. Renzo (REZ)
Renzo appears more bullish compared to the other altcoins, with a 3.66% increase on the daily chart, an 11% rise over the past week, but a 6.7% decline over the past month. Van de Poppe sees Renzo as a promising investment for newcomers to the crypto market. He states that if Renzo maintains its position above the $0.14 level, it could achieve a higher low above $0.1376, with the next target being $0.24.
5. Dogecoin (DOGE)
Dogecoin has been struggling, showing a 5% decline over the past week and a 0.16% drop over the last month. Despite this, van de Poppe believes that predicting Dogecoin's movement is relatively straightforward. He expects a "massive breakout" in the coming months, potentially pushing Dogecoin's price to $1 in this cycle.
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