A widely respected cryptocurrency analyst and trader believes that one of Ethereum’s (ETH) competitors is worth well below its fair market value.
Cryptocurrency trader Michaël van de Poppe told his 722,500 followers on social media platform X that layer-2 scaling solution Polkadot (DOT) could follow ETH’s upward trend.
“DOT will likely follow Ethereum in scaling, which means Polkadot’s current valuation is very low. I expect a lot from the Polkadot ecosystem with all the new segments.”
Looking at his chart, he suggests a possible bullish divergence to DOT on the 3-day chart. This indicator shows lower lows on the price chart, but the indicator also shows higher lows.
At the time of writing, DOT is trading at $6.20, down about 2% over the last 24 hours.
Next, the analyst predicts that Bitcoin (BTC) will consolidate in the sub-$60,000 range in the near term.
“Bitcoin has retested $61,000. I expect this to continue to consolidate, and I assume altcoins will outperform Bitcoin.”
Looking at the chart, the trader predicts that Bitcoin will rebound near $60,000 and then soon return to around $64,000.
At the time of writing, Bitcoin is trading at $60,757, down 1.47% in the last 24 hours.
Lastly, the analyst said that Chainlink (LINK), a leading blockchain oracle service, is likely to rally against Bitcoin (LINK/BTC) in the near term, bouncing off the low of its trading range on the weekly chart.
“Very meaningful start to LINK with Bitcoin pair +11% on this weekly candle. Still at the cycle low and likely bottoming during this consolidation period.”
At the time of writing, LINK/BTC is trading at 0.0002308 BTC ($13.92).
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and trading are entirely at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl is engaged in affiliate marketing.
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