Popular crypto analyst Michaël van de Poppe believes that a decentralized finance (DeFi) altcoin that has shown strength this year is likely to see a big bounce.
Van de Poppe tells his 649,800 Twitter followers that GMX, the native asset of decentralized perpetual trading platform GMX, remains in an uptrend despite its recent corrective move from its all-time high of $85.07, which hit on February 18.
The trader believes that GMX will likely bounce once it hits support around $69.
“This one is bullish and therefore still in the ‘buy the dip’ approach. If it holds above $65-68, we will most likely see another rally towards the all-time high and the $65-68 range becomes a point of interest.”
At the time of writing, GMX is worth $75.15.
The next step is the Fantom (FTM) smart contract protocol. Van de Poppe believes that rival Ethereum (ETH) could see a deeper pullback if crypto markets continue to show weakness.
“I have marked this level as a point of interest in Fantom. We got there, so it must be on. However, if the markets continue and the trend is now lower highs, lower lows, then I look at $0.36 for the next long opportunity.”
As of this writing, FTM is trading at $0.469, just above Van de Poppe’s first area of interest.
Van de Poppe is also keeping a close eye on Polygon (MATIC) which he says could be setting up for a significant bounce.
“This is at a point of interest and potential bounce regions. If that is happening, 20-25% can be set. If not, then I’ll look for $1 next.”
At the time of writing, MATIC is worth $1.27.
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Featured image: Shutterstock/diversepixel/Natalia Siiatovskaia
