Here’s an analyst’s outlook for FTM, MATIC and ENJ tokens
Cryptocurrencies continue to face downward pressure as sentiment across the equity market also weighs on crypto assets.
Popular crypto analyst and trader Michael van de Poppe has highlighted the next possible moves for several altcoins, including Polygon (MATIC), Fantom (FTM), and Enjin Coin (ENJ).
The analyst also highlights the technical outlook for two other altcoins- Woo Network (WOO) and Verasity (VRA).
Van de Poppe also believes flagship cryptocurrency Bitcoin could see a decent bounce and break to the $46,000 price level. This follows the cryptocurrency’s flip above $40k after a brief dip to lows of $39,600 on Monday.
Fakeout on the downside for #Bitcoin. If $40.6K holds, continuation upwards to $42.6K and potentially $46K is on the tables. pic.twitter.com/l8rACrtbhC
— Michaël van de Poppe (@CryptoMichNL) January 10, 2022
Fantom (FTM) is one to watch
Turning to the altcoins, the analyst says that Fantom price could see another run, off major support levels. He looks at the FTM/BTC pair as indicative of the bullish resilience, noting that 0.0005 BTC makes a good entry point for the coin.
Michael van de Poppe believes FTM, alongside Cosmos (ATOM) and Chainlink (LINK), are some of the altcoins that have shown great strength recently. He says if Bitcoin price “settles”, then FTM would be one of those altcoins to watch.
Once #Bitcoin is done and settles down for a bit, you’d want to jump onto the coins that have been showing strength in the past weeks already.
I’d consider $FTM, $ATOM, $LINK as some of the coins that are showing massive strength recently.
— Michaël van de Poppe (@CryptoMichNL) January 8, 2022
The analyst is also keeping tabs on Polygon, another coin that saw a massive run in 2021 but has faced increased pressure since the broader market correction started in December.
Van de Poppe says MATIC has the potential for another bullish break if prices flip above a key resistance zone at $2.15-$2.20.
ENJ and WOO also look decent
As for Enjin Coin (ENJ), the crypto strategist notes that the extended correction has bulls looking at two critical support levels. The first is around $2.20 and the second one could be at the $1.90 area.
He notes that if prices hold above the two anchors, it’s possible for ENJ to see fresh upside momentum.
He says that ENJ has “two massive areas of support,” zones at which he would “personally want to be seeking for longs.”
Next up is WOO, the native token on the Woo Network. According to van de Poppe, the token’s value is likely to explode if it breaks against Bitcoin. Currently, the WOO/BTC pair is priced at 0.00002214 BTC, with the altcoin 2.4% down against the top crypto in the past 24 hours.
Verasity (VRA) could soon rise to 6800 sats
But the trader points out that the coin has tested a key supply zone multiple times and the potential for a bullish continuation is there if buyers keep hitting higher lows.
The other altcoin on the analyst’s list of potential outperformers in 2022 is Verasity (VRA). The price of the token is down nearly 25% in the past 7 days, which the analyst notes. The VRA/BTC pair is trading around 6300 sats as of writing, above the support zone at 5335-5800 sats.
Van de Poppe says VRA could see a fresh bull wave if it breaks higher above the main resistance around 6800 satoshis.
Request 01 – $VRA
Still trending south, but there are two important support zones that I’ll be watching here.
Currently in the first one.
New bull wave could start it if breaks above 6800 sats. pic.twitter.com/vPEGEl9YTo
— Michaël van de Poppe (@CryptoMichNL) January 9, 2022