Popular crypto analyst Michaël van de Poppe says he expects three of the largest altcoins by market cap to continue correcting before they establish a local bottom.
Starting with decentralized finance (DeFi) payment network Terra (LUNA), Van de Poppe tells his 575,800 Twitter followers that he sees the seventh-ranked altcoin pulling back down to $70 if the crypto markets continue to show signs of weakness.
“For LUNA, I would be taking it slow on this one. Nice run upwards, but liquidity has taken above all-time high and immediate correction. I think we’d be looking for some more downwards momentum to take liquidity there. Would be interested in around $70.”
At time of writing, LUNA is trading at $88.34, down 15% from its all-time high of $104.
Another coin on the trader’s list is Ethereum scaling solution Polygon (MATIC). According to Van de Poppe, MATIC looks heavy as it repeatedly prints bearish lower highs.
“MATIC looks heavy for some corrections here in which I’d be interested around $1.”
Polygon is currently exchanging hands for $1.36.
Next up is Ethereum competitor Fantom (FTM), which Van de Poppe believes is poised to lose over 26% of its value from its current price of $1.11 before carving a bottom.
“I’m looking at the lower levels for FTM here, as then it will take down the entire liquidity too. That would be the bottom of this correction.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
