A widely respected cryptocurrency strategist says the decline in hot memecoins could increase.
Analyst Michaël van de Poppe told his 720,500 followers on social media platform
“We are up 1,200% since the start of this run and liquidity has surpassed previous highs. The risk of a large correction is higher than a sustained rise. “We are interested only after 30-40% correction, but that is not the case here.”
A 40% correction from the high would take Floki down to $0.0002. As of this writing, Floki’s value is $0.000265, down more than 5% over the past day.
Van de Poppe believes the altcoin is poised to find support back at $0.50, citing smart contract protocol Fantom (FTM).
“It keeps creating lower highs and lower lows. We have tested the $0.60 support several times and found that a break is likely. So there are two areas of interest for swing trading in the future.”
As of this writing, FTM is trading at $0.674, down nearly 3% in the last 24 hours.
The last altcoin on traders’ radar is fellow layer 1 protocol Sui (SUI). Van de Poppe expects SUI to rise nearly 40% if it overcomes immediate resistance at $1.17.
“SUI is one of the strongest companies in the market. If momentum provides a break above $1.17, the low is higher and we expect continuation towards $1.60.”
As of this writing, SUI is trading at $1.04, down nearly 5% on the day.
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