Altcoins
This low-cap Ethereum-based Altcoin is poised to explode 150% in the coming months, says Michaël van de Poppe
A widely followed crypto analyst suddenly becomes bullish on low-cap Ethereum (ETH) based on an altcoin project.
Michaël van de Poppe, crypto strategist tell his 719,400 followers on the social media platform X that Skale Network (SKL), an Ethereum sidechain, could rise 150% from its current value.
“SKL looks great. Rejected the first resistance zone, but is on the verge of a significant breakout. This breakout is expected to reach $0.20 in the coming months.
Source: Michaël van de Poppe/X
Looking at his chart, the trader predicts that SKL will soon turn the key resistance level of $0.09 into support.
It also uses Fibonacci extensions to predict the massive breakout price target of $0.20. Fibonacci extensions are used in technical analysis to estimate profit targets and price declines. They are based on Fibonacci ratios.
SKL is trading at $0.080 at the time of writing, down almost 5% in the last 24 hours.
The Skale Network aims to create a gas-free Ethereum Virtual Machine (EVM) compatible blockchain for scaling Ethereum. Instead of charging end-users transaction fees, SKALE generates fees by charging developers a fee for operating a SKALE chain.
According to the project developers, the Skale network reached 10 million unique active wallets (UAW) in Q1 2024 and saved users over $3.8 billion in gas fees.
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Featured image: Shutterstock/Yuliia Skliarenko/Fotomay