Altcoins
Why you should resist
Michaël van de Poppe, a prominent technical analyst, urges investors to hold on to their altcoins despite the current sell-off.
As of May 2024, van de Poppe is fully invested in altcoins. He acknowledges that this strategy is risky, given the cryptocurrency market volatility.
HODL Your Altcoin Positions Despite the Sell-Off
In his recent analysis, van de Poppe discussed the rollercoaster experience of holding a altcoin wallet. He stressed that although many altcoins have collapsed, the potential for significant gains remains, underscoring the market’s unpredictable recoveries.
“Cryptocurrency sentiment can change in a day, and it can become a bull market in a few weeks. So the question is: what will the action plan be,” she said.
Van de Poppe pointed out that even the major altcoins are doing badlywhile Daan Crypto agreed that most altcoins are down 40% to 90%.
For example, Ethereum saw a notable decline of more than 10%, Chain shirt shows a decline of 26% and some investments, such as Wormhole, have suffered considerable losses, down more than 40% in the last month.
To know more: 7 Hot Meme Coins and Altcoins That Are Trending in 2024
Price performance of Ethereum, Chainklink and Wormhole. Source: TradingView
Despite these failures, analysts like van de Poppe and Aylo remain confident in this strategy. They even increased his exposure to risk trade older altcoins for newer ones that he believes will perform better when the market recovers.
“This is the best place to bid for altcoins since mid-2023. Patience is needed as we are likely to stay in this area for a while. It certainly doesn’t look like a good place to panic sell,” Aylo She said.
During a previous bear market, van de Poppe invested in Polygon, Phantom and Ferosity, experiencing an initial downturn. However, he ultimately achieved massive returns, especially from Ferosity, which increased 95 times its initial value.
He attributes his success to understanding market cycles and being able to weather tough times.
Looking ahead, van de Poppe sees Ethereum as a key indicator for the broader market. He predicts that once Ethereum gains momentum, a broader process will be triggered altcoin season. Therefore, van de Poppe advises other investors to maintain a long-term perspective and resist the temptation to sell during downturns.
“I think you should consider holding your position and, if possible, continuing to accumulate. If you have the ability to continue to accumulate position, then this is also the time when you need to demonstrate that you have balls of steel,” she concluded.
To know more: What are the best Altcoins to invest in June 2024?
While the current altcoin market presents challenges, van de Poppe’s analysis suggests that patience and strategic persistence can lead to substantial returns.
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