Popular cryptocurrency analyst Michael van de Poppe believes that one of the decentralized finance (DeFi) altcoins that has shown strength this year is likely to see a major rebound.
Van de Poppe told its 649,800 Twitter followers that GMX, the native asset of decentralized perpetual trading platform GMX, has closed despite a recent correction from its all-time high of $85.07 on February 18. says it is on the rise.
Traders believe that GMX will probably bounce back once it hits support near $69.
“This is still a ‘buy dip’ approach as it is trending up. If it stays above $65-68, it is likely to rally again towards all-time highs and the $65-68 range will be the focus. ”
At the time of writing, GMX is worth $75.15.
Next is Fantom (FTM), a smart contract protocol. Van de Poppe believes that Ethereum (ETH) rivals could witness a bigger setback if the crypto market continues its bearish run.
“I have marked this level as a hotspot for Fantom. We got there and need to be active. But if the market continues and the current trend is below the highs and lows, I We see $0.36 as the next long opportunity.”
As of this writing, FTM is trading at $0.469, just above Van de Poppe’s initial area of interest.
Van de Poppe also has his eye on Polygon (MATIC), which he said may be gearing up for a significant rally.
“This is a point of interest and an area that can bounce. If that is done, we can establish 20-25%. ”
At the time of writing, MATIC is worth $1.27.
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Featured image: Shutterstock/diversepixel/Natalia Siiatovskaia