Crypto Analyst Says One Ethereum Rival Is Extremely Undervalued, Maps Path Forward for Bitcoin and Chainlink
A widely followed crypto analyst and trader believes that one Ethereum (ETH) rival is well below fair market value.
Crypto trader Michaël van de Poppe tells his 722,500 followers on the social media platform X that layer-2 scaling solution Polkadot (DOT) could follow ETH’s upward trend.
“DOT is likely going to follow Ethereum in its expansion upwards. This means that the current valuations of Polkadot are extremely low. I expect a lot from the Polkadot ecosystem with all the new segments.”
Looking at his chart, he suggests the possibility of a bullish divergence for DOT on the three-day chart, a metric where a lower low appears on the price chart but then a corresponding indicator shows a higher low.
DOT is trading for $6.20 at time of writing, down nearly 2% in the last 24 hours.
Next up, the analyst predicts that Bitcoin (BTC) will consolidate in the near term around the lower $60,000 range.
“Bitcoin did make a retest at $61,000. I expect this to continue consolidating, where I’m assuming that altcoins will have a higher return than Bitcoin.”
Looking at his chart, the trader suggests that Bitcoin will bounce around $60,000 and soon return to around $64,000.
Bitcoin is trading for $60,757 at time of writing, down 1.47% in the last 24 hours.
Lastly, the analyst says that leading blockchain oracle service Chainlink (LINK) will likely rally against Bitcoin (LINK/BTC) in the near term as it bounces off a trading range low on the weekly chart.
“Pretty significant start for LINK with this weekly candle of +11% on the Bitcoin pair. It’s still the cycle low and likely the bottom during this period of consolidation.”
LINK/BTC is trading for 0.0002308 BTC ($13.92) at time of writing.
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