Top crypto analyst Michaël van de Poppe is providing his take on the possibility of a fresh altseason and spotlighting three assets that appear ready for new breakouts.
In a new video, Van de Poppe tells his 103,000 subscribers that despite the harsh late-May correction that saw Bitcoin tumble to $30,000, an altseason may be in the cards in the coming weeks.
Van de Poppe notes that the overall altcoin market cap is still above the 21-day weekly moving average (21 WMA), signifying that the altcoin bull run is likely unfinished.
“We are still acting above the 21 WMA meaning that the chances of us continuing the grind to the upside are significant…
Many altcoins are going to make new highs in their USD and Bitcoin pairs. That the altcoin market cap is currently holding above the 21 WMA is a very bullish trigger and a good signal of the momentum we have, through which the assumption [is] that we can continue grinding up and that we still have a very strong summer coming up for altcoins…
Are we going to get a big altcoin season? The thesis is still standing, and I’m still assuming that they’re going to continue their momentum. It’s time for you to start accumulating.”
As for which altcoins Van de Poppe is currently keeping an eye on, the trader mentions automated market maker Curve Finance (CRV), which he says is on the verge of retaking the 100-day and 200-day moving average in its Bitcoin pair (CRV/BTC) and resuming its ascent.
“CRV is currently in the resistance zone acting in one, but we can assume and expect that we are flipping back above the 100 and 200-day moving average, granting us support there. Then, we can start breaking out of this accumulation range towards new highs.”
The trader also notes that cross-chain lending platform KAVA appears ready to make new yearly highs against Bitcoin (KAVA/BTC) after dropping below the 100 and 200-day moving average indicators.
“We can see that we are making higher highs and higher lows and the momentum starts to switch… in which we are getting into a new cycle for KAVA. We are gaining back the losses we have made.”
KAVA is back up to around $5.00 at time of writing, recovering fairly well from its crash down to around $2.50 in late May.
Ethereum, which Van de Poppe calls “the key momentum indicator for altcoins,” is attempting to break resistance around $2,900. The analyst notes that recently Ethereum appears to be holding the $2,600 support zone well, but needs to breach the $2,900 level to continues its climb toward $3,400.
“The more resistance at $2,900 gets tested, the weaker it becomes.”