A popular crypto analyst and trader is sharing his 2022 outlook after the markets witnessed a steep correction in recent weeks.
In a new strategy session, Michaël van de Poppe tells his 156,000 YouTube subscribers that he’s eyeing a trio of altcoins that have the potential for big breakouts next year.
The trader says he’s been building up his portfolio with assets that he believes are undervalued, starting with decentralized parallel blockchain network Cosmos (ATOM).
“The first one is ATOM, which is currently showing strength in the price action but has been seeing some cycles that are important to look at.
In this case, we’ve had a beautiful run at the beginning of 2021. We’ve had a harsh correction [starting in May] which got towards a beautiful retest.
When we’re looking at the current price action, we’ve had a beautiful run as well, and we’ve had a very harsh corrective move which results in a beautiful retest happening once again.”
Looking ahead to what’s in store for ATOM’s valuation, Van de Poppe cites the 1.618 Fibonacci extension as he plots out a run to $60 and going possibly as high as $100.
“The chances are that we’re going to face ourselves a new run towards the 1.618 Fibonacci in the first run upwards, which might bring us towards $60.
But if we use the entire move previously, which might bring us towards $67, or even the next one joining the $100 category.”
Cosmos is currently surging, with the price of ATOM up 21.3% on the day and trading at $27.96.
Next up is decentralized exchange (DEX) and automated market maker protocol Curve DAO Token (CRV). The analyst cites higher lows and higher highs as a reason to be excited about the altcoin’s future price action.
“[CRV] is currently leading up towards a big breakout, given the fact that we’ve just been witnessing a beautiful retest… after a big run already.
We’re constantly making higher lows, higher highs, which might bring us a result that we’re going to have an acceleration into price discovery for Curve.”
CRV is also on a run today, having ripped higher by 17.2% to $5.09, at time of writing.
The crypto analyst concludes his altcoin focus by looking at SUSHI, the native token of Ethereum-based DEX SushiSwap.
Van de Poppe notes that after seeing SUSHI’s price fall by a drastic 80%, he’s interested in taking a position.
“We are currently facing a beautiful retest for SUSHI. I think the moment that it breaks above this level that we have [the $4.64 to $6.19 range], then $6.25 to $7 is going to be the actual trigger.
I think if this one breaks at $7.35, actually, we’re going to see a new expansion when it comes to SUSHI.”
The price of SushiSwap is also currently in the green, with the altcoin up nearly 9% on the day to $5.93.
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Featured Image: Shutterstock/Dmitriy Rybin