Michaal van de Poppe, a crypto analyst and YouTuber, has identified a group of cryptocurrencies that he feels are poised to see renewed rallying.
After taking a knock during the late-May crypto market correction, Van de Poppe believes decentralized finance (DeFi) crypto assets like as lending protocol Aave (AAVE), yield farming platform yearn.finance (YFI), and yield aggregator DFI.money (YFII) are poised to make big recoveries.
The entire DeFi sector is still poised to burst out to the upside in a huge way. Not just YFI, not only YFII, but also AAVE appears to be in good shape.
The crypto expert points out that AAVE has held above the significant 100-day and 200-day moving averages and has not broken below important support levels on the AAVE/BTC chart around 0.00825 satoshis (sats) (MA).
AAVE appears to be in good shape according to him. It’s still above the 100-day and 200-day moving averages to see where we may go from here. It is still holding the critical level for support, hinting that this is the level that AAVE must maintain.
In addition to the Defi sector, Van de Poppe notes that decentralized oracle networks such as Chainlink (LINK) and Band Protocol (BAND) appear to be poised for a rally. The entire DeFi sector, as well as, and the oracle portion, might be what you’re looking for in terms of momentum, he said.
Despite the recent market meltdown, Van de Poppe observes that Chainlink’s Bitcoin pair (LINK/BTC) is already showing signs of recovery.
Van de Poppe feels Chainlink might rise if Bitcoin remains stable and does not make any dramatic movement to the downside. The more relaxed people are about Bitcoin when it starts to rise, the easier it will be for them to switch back to altcoins.
And, according to Chainlink, the Bitcoin pair has already returned to pre-crash levels. In comparison to Bitcoin, what do we notice on Chainlink? We can see that the 100-day and 200-day MAs are currently acting as support, and that continuation is likely given that we’re merely creating higher highs and lower lows.
In the case of Band Protocol, Van de Poppe believes the crypto asset will experience a similar increase if it overcomes resistance near the 0.0004 sats level on the BAND/BTC chart. He says that by looking at BAND that we still need to break above this barrier zone. We can start making a similar motion if we do that and flip it.