Crypto analyst and YouTuber Michaël van de Poppe is spotlighting a set of altcoins that he believes are primed to spark renewed rallies.
Van de Poppe says decentralized finance (DeFi) crypto assets such as lending protocol Aave (AAVE), yield farming platform yearn.finance (YFI) and yield aggregator DFI.money (YFII) appear ready to embark upon massive recoveries after taking a hit during the late-May crypto market correction.
“… The entire DeFi sector is still ready to make a very big break to the upside. And not only YFI, not only YFII, also AAVE is still looking very strong.”
The crypto analyst notes that AAVE has not broken below key support levels on the AAVE/BTC chart at 0.00825 satoshis (sats) and has remained above the critical 100-day and 200-day moving averages (MA).
“[AAVE] is still looking very strong. To see where we can go from here, it’s still above the 100-day and 200-day MA. It’s still holding the crucial level for support as this is the crucial level that AAVE has to hold on to.”
Van de Poppe adds that in addition to the DeFi sector, decentralized oracle networks such as Chainlink (LINK) and Band Protocol (BAND) also seem to be gearing up for a move to the upside.
“…The entire DeFi sector is what you could be looking at for your momentum but also and, I’m still repeating this one, the oracle section.”
Despite the recent market crash, Van de Poppe notes that Chainlink is already showing strength again in its Bitcoin pair (LINK/BTC).
If Bitcoin remains steady and does not make any major moves to the downside, Van de Poppe believes Chainlink could make a move up.
“The more people feel calm about Bitcoin when it starts to grind upwards the easier they’ll start flipping towards altcoins again.
And with Chainlink, you see that already the Bitcoin pair is already back to pre-crash fit levels. What do we see on Chainlink against Bitcoin? We can see that we are currently having the 100-day and 200-day MA as support through which continuation is likely given that we’re just making those higher highs and higher lows.”
In the case of Band Protocol, Van de Poppe predicts that the crypto asset can similarly surge once it overcomes resistance at around the 0.0004 sats level on the BAND/BTC chart.
“With BAND you can see that we still have to make the break above this resistance zone. If we do that and flip it we can start making a similar move.”