Popular crypto analyst and trader Michaël van de Poppe says there’s a lot of hype and momentum surrounding Polkadot (DOT) as the interoperability blockchain approaches the launch of its parachain auctions.
In a new strategy session, Van de Poppe tells his 140,000 YouTube subscribers that the seventh-largest crypto asset by market cap is “accelerating quite fast.”
“There’s parachains coming up. There’s hype around Polkadot. There’s lots of momentum here. So where should you be buying Polkadot at this instance? And we have been discussing that in the updates previously, too. The entire green zone [$35 -$37] was the critical level that you preferably want to see Polkadot sustain.”
Van de Poppe is referring to the parachain auction, which will start on November 11th. Parachain auctions involve users bidding crypto assets during specified amounts of time to determine which project will get a parachain slot, a custom blockchain that confirms transactional accuracy.
Using the Fibonacci extension tool, Van de Poppe unveils his potential target areas for Polkadot.
“We’ve also been discussing Polkadot earlier in which we were discussing potential target points [where] $75 and $115 are the next target zones, based on the previous high, based on the previous low.”
The crypto strategist is also looking at Cosmos (ATOM), a project that aims to become “the internet of blockchains.”
Van de Poppe says ATOM is mirroring its price action from January when it consolidated at $7 before a 242% surge to $24 in less than one month.
“If we take out the previous all-time high for Cosmos, I think we’re going to accelerate quite nicely, and then we’ve got $75… as the target point, and the second one is $100.”
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Featured Image: Shutterstock/Eduard Muzhevskyi