Top Analyst Predicts 60x Profits For Polygon, Cosmos, And Avalanche
28 Juli 2022 - 11:04PM
NEWSBTC
The crypto market is trending to the upside and recovering some of
its last week’s gains with Polygon (MATIC), and other altcoins
following the general trend. Digital assets seem to be positively
reacting to the earnings reports from legacy companies. Related
Reading | Why The IMF Thinks The Crypto Market Could See
“Further Selloffs” At the time of writing, Amazon (AMZN) beat
earnings expectations generating over $130 billion in net sales.
Apple (AAPL) also beat expectations with $83 billion reported in
earnings. Amazon +10% 👀 pic.twitter.com/T4twX73AKG — TradingView
(@tradingview) July 28, 2022 As a result, the S&P 500
recorded a 1.23% increase at the U.S. close with the Nasdaq and the
Dow Jones trading in the green. The crypto market benefited from
these reports, as it continues to move in tandem with legacy
financial markets. Top crypto analyst Michaël van de Poppe
celebrated AMZN and AAPL’s positive price moves. The analyst
believes the price action in equities will continue to spill into
the crypto market. Via Twitter, van de Poppe said: we’re definitely
ready for fireworks (…). The entire market looks ready to continue
moving heavily. Many altcoins & Bitcoin breaking above
50-Day Moving Average. Bitcoin breaking above 200-Week Moving
Average. Looks to me to see a continuation on those altcoins for
100-200%. The analyst singled out Solana (SOL), Polygon (MATIC),
Cosmos (ATOM), Avalanche (AVAX), and others with the best potential
to benefit from a long-term bullish trend. These cryptocurrencies
have the potential to record 60x returns “in the next bull cycle”,
van de Poppe said. In the short term, as mentioned above, these
altcoins could register as much as 100% to 200% gains if the
bullish momentum extends. The analyst claims most of these altcoins
have broken above key moving averages and might find little
resistance as they reclaim previously lost territory. According to
this analyst, Avalanche (AVAX) alone could hit a target of $37 to
$41. Solana on the other hand might hit $62 to $84 and Polygon
beyond the $1 mark. Can Polygon (MATIC) Benefit From A Crypto
Summer Rally? The analyst claims the crypto market stands to
benefit from a relief rally on the back of a dovish U.S. Federal
Reserve (Fed). The financial institution has been trying to
mitigate inflation by hiking interest rates, and according to
market expectations, this metric should trend lower in its July
print. In addition, the Ethereum “Merge” was set for September
2022. This event is considered highly bullish for the
cryptocurrency which has provided ETH bulls with enough strength to
push the market to the upside. Related Reading | Bitcoin Makes
Surprise Climb As Fed Discloses 0.75 Point Rate Bump Polygon
(MATIC), Avalanche (AVAX), Solana (SOL), and Cosmos (ATOM) might
prove good bets in the long run due to the upcoming products, their
partnerships with major players in and outside the crypto industry,
and their development teams. Ideal ingredients for a Summer Relief
Rally are there: ▫️ Powell becoming dovish on policy and more
data-dependent. ▫️ $ETH merge coming up in September. ▫️ Heavy
impact on 3AC, Celsius, and more already priced in. I’m seeing $ETH
to $2,400 and $BTC to $28,000-30,000. — Michaël van de Poppe
(@CryptoMichNL) July 27, 2022
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