Trader Predicts Big Bounce for DeFi Altcoin, Updates Forecasts on Fantom and Polygon

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. ”

sauce: Van de Poppe/Twitter

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.”

sauce: Van de Poppe/Twitter

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%. ”

sauce: Van de Poppe/Twitter

At the time of writing, MATIC is worth $1.27.

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Featured image: Shutterstock/diversepixel/Natalia Siiatovskaia

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