A popular analyst says he has his radar on one altcoin that is gaining a lot of momentum amid the crypto market slump.
Michael van de Poppe To tell His 636,500 Twitter followers say crypto bulls should consider adding Binance Coin (BNB) to their portfolios.
“Also, something to add to the portfolio: BNB.
While it certainly shows a lot of power, the entire ecosystem surrounding Binance has grown significantly.
A must have for your long term portfolio. “
BNB is the native utility token of top crypto exchange Binance. At the time of writing, BNB is trading at $274, up nearly 50% from its 2022 low of around $183.
Van de Poppe is also keeping an eye on the price movement of Bitcoin (BTC). Bitcoin has been stuck in a tight range recently, but macro events could eventually trigger upward volatility for BTC, crypto analysts say.
“Next week is a massive week with all events and a break out of the range is almost inevitable. I’m looking at this last resistance ($19,591). I can.
According to Van de Poppe, he keep an eye on About today’s US Consumer Confidence Index (CCI). The CCI measures consumer sentiment about the strength of a country’s economy.
Another macro event on Van de Poppe’s calendar is the third quarter US GDP due on Thursday. Finally, the analyst is waiting to confirm his September figures for the Personal Consumption Price Index (PCE), a measure known to capture inflation or deflation in the United States.
Traders often follow key economic indicators to determine whether U.S. policymakers will be forced to end tight monetary policy. This could be a very favorable move for risky assets such as Bitcoin and cryptocurrencies.
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