Analytics

Founder of Eight Global States: Altcoins Are Showing Strength

Chief Executive Officer (CEO) and Founder of Eight Global, Michael van de Poppe, stated that some altcoins are showing strength while decentralized finance is waking up.

Notably, Michael shared this as a follow-up tweet to the previous tweet, where he mainly highlighted FTM, AVAX, and DOT performing well.

In his tweet, Micheal mentioned:

As $FTM made a significant run, now also $AVAX and $DOT starts to look pretty good.

Meanwhile, Fantom (FTM) captured the ninth place for top gainers, according to CoinMarketCap. Fantom is up 5.00% in the last 24 hours and is trading at $0.252886.

As per the graph below, FTM had a roller coaster ride with its prices. During the last month, FTM recorded a maximum price of $0.3147 on November 5.

However, the prices fell to as low as $0.1675 in a matter of days. Interestingly, the 50-day MA from above seems to be converging with the 200-day MA depicting a possible golden, which could result in an uptrend. FTM may target hitting Resistance 1.

Contrastingly, if that (golden cross) doesn’t happen and the bears take over, then FTM may look to land on Support 1. Moreover, if the bears keep pushing, then FTM will land on Support 2.

FTM/USDT 1h Trading Chart on TradingView

Furthermore, Avalanche (AVAX) is trading at $14.01, and it is up by 2.09% in the last 24 hours, according to CoinMarketCap.

As shown in the graph below, AVAX has been on a bull run since November 28. Moreover, the RSI index of AVAX is at 49.49, indicating that the trend is well set and the bullish run could continue. In addition to that the 50-day MA (red line) shows more potential and heading upward, while the 200-day MA (yellow line) seems to have gained some momentum after some lethargic horizontal movement.

VAX/USDT 1h Trading Chart on TradingView

Polkadot (DOT) has been moving sideways since November 10. As of press time, the price of DOT is $5.64, and it is up 2.00% in the last 24 hours, according to CoinMarketCap.

DOT/USDT 1h Trading Chart on TradingView

As shown in the graph above DOT is traversing a bull run. The 50-day MA (Red line) and 200-day MA (yellow line) are placed parallel to each other as they are titled up. And the RSI is at 49.78 which indicates that the trend will continue.

   

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