Analyst: Buy these three Ethereum competitors for massive profits in a really short time

  • Michael Van de Poppe plans to increase his holdings in selected altcoins, including three ETH competitors.
  • The crypto strategist also makes BTC predictions ahead of next week’s Fed decision on the inflation rate.

Founder and CEO of crypto trading firm, Eight, Michael Van de Poppe, has revealed his plans to increase his holdings of certain altcoins. The crypto analyst’s list includes three Ethereum rivals.

The three Ethereum competitors Van de Poppe wants to buy are Chainlink (LINK), XCad Network (XCAD), and Skale (SKL). He believes that these three Ethereum competitions will bring massive profits for traders.

Van de Poppe also told his over 636,000 followers on the social networking site, Twitter, that he plans to acquire more tokens of, Concordium (CCD), Near Protocol (NEAR), and Elrond (EGLD).

The top crypto analyst explained his reason for planning to invest more in Concordium. He said the enterprise-grade blockchain could create several opportunities for growth as it moves beyond its target market.

Thus, the price of CCD would soar. The crypto strategist also said NEAR has been in a bearish retest. But it would activate continuation to $4 once it reclaims the $3.10 level.

“Even though its primary target audiences are enterprises, it is also useful for several projects and users from multiple sectors such as DeFi, metaverse, and gaming.” Van de Poppe also revealed that he is still analyzing the price movement of the native token of interoperable blockchain technology, Quant (QNT).

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Hence, he would enter the trade once he finds a good entry point. The crypto strategist said that QNT is in a corrective phase, and a reversal of this correction would enable the altcoin to flip this resistance at around $178 to support.

“QNT’s current timeframe shows that it is in a downtrend. It could convert it to support if it breaks this downtrend and gains the resistance around $176 to $178.” He further said that if this flip should happen, QNT might retest the $191.6 price region.

However, he added that if QNT remains on a downtrend, it might drop to the $158.8 level. QNT is up 1.84 percent in the last 24 hours and trades at $175.14, according to the latest Coinmarketcap data.

Van de Poppe also makes BTC predictions

The crypto analyst also predicted that this week’s US Personal Consumption Expenditure (PCE) data release will be significant and might cause BTC to break out of range. The PCE data for last month will be out on October 28.

The release of this data is one of the macroeconomic factors that will determine whether Van de Poppe’s predictions will come true. Van de Poppe tweeted, “this final resistance needs to break so that the party can start.”

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The PCE data release comes at a crucial point for the crypto market, even though it has less impact than the Consumer Price Index (CPI) data. Material indicators also revealed a softening of the resistance level that corresponds to BTC’s 2017 all-time high.

Next week’s Fed decision will also significantly impact the crypto market. This is because the Fed will use the CPI and PCE data to determine whether to hike interest rates.

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Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.

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