BitMEX Founder Arthur Hayes and renowned Twitter analyst Michaël van de Poppe explain their predictions for layer-1s such as AVAX and NEAR.
Van de Poppe sees comeback for AVAX
Renowned crypto analyst Michaël van de Poppe says rally for AVAX and NEAR is imminent. In his new assays, he noted that the RSI data gave the green light as AVAX continued to drop. The analyst says the bulls are in the spotlight as the RSI is starting to rise. This means a recovery in the short term for the buyer side. In his recent tweets, Van de Poppe talked about the possibility of this move reaching spiritual resistance:
A targeted return of $17 and potentially $20 is expected from here as the markets warm up.
Avalanche (AVAX) is currently trading around $15.5. This price represents a nearly 90% drop from the ATH price of $146.22.
After looking at the Injective (INJ) chart, the analyst says that the short-term corrective trend for INJ price is about to end. According to Poppe’s chart, INJ price will pick up momentum after finding reinforcements from the $1 zone:
INJ was shot in that area and is bouncing strong. Imagine if the markets finished this correction today/tomorrow and turned top again, then this will show strength.
Last week, INJ price exploded over 40% in about five days before we could see a deep correction. It is currently trading at $1.87, down 3% compared to the last 24 hours.
Van de Poppe shared the scenario where the XRP price will touch $0.51
According to the analyst, if the XRP price can hold the $0.44 support, it will gain real momentum in the $0.51 region. But he adds that if he loses this level, the next stop is $0.40.
The last altcoin on the analyst’s radar was Near Protocol (NEAR), one of the strongest Ethereum competitors. Van de Poppe says bulls need to retrace a critical level to avoid a drop. Otherwise, NEAR will keep falling. In Poppe’s words:
Retracing $3.10 activates a continuation to $4 as it has been a bearish retest so far.
BitMEX co-founder Arthur Hayes says these altcoin projects have no luck
In a new interview with Crypto Banter, Arthur Hayes says that while they offer better trading opportunities in the next cycle, L1 Blockchains do not have the long-term potential to surpass ETH in terms of market cap:
It would make sense to invest in one or more of them now, as they are expected to rise rapidly. At the moment, I don’t think anything comes close to competing with Ethereum. Not everything is determined by the number of processes per second or other metrics. This is purely developer dexterity.
Citing Solana as an example for this, Hayes said that he is facing the problem of finding investors in the next bull. But he adds that the high process capacity will keep Solana in the field for a while:
If you think about it, every other layer-1 has groups that basically copy and paste everything created in Ethereum first. No problem with that either. Going in Solana for a few cents and seeing $200 is an excellent investment…However, what will they bring to the market in the next cycle? Ethereum’s only process prices are high and it’s a slow network. Others are just fast on paper… I don’t think any of them can beat Ethereum now as they don’t have the mindset of the developers.
Koindeks.comAs you follow, Solana was interrupted 6 times, the last one at the beginning of October.