Altcoins
Why should you hold on
Michaël van de Poppe, a prominent technical analyst, urges investors to hold on to their altcoins despite the current sell-off.
Since May 2024, van de Poppe has been fully invested in altcoins. He recognizes that this strategy is risky, given the situation in the cryptocurrency market. volatility.
HODL your Altcoin positions despite selling
In his recent analysis, van de Poppe discussed the roller coaster experience of holding a altcoin wallet. He pointed out that even though many altcoins have fallen, there remains potential for significant gains, highlighting unpredictable market rallies.
“Cryptocurrency sentiment can change in a day and become a bull market in just a few weeks. So the question is, what will the game plan be? “, did he declare.
Van de Poppe emphasized that even large altcoins perform poorlywhile Daan Crypto agreed that most altcoins are down 40-90%.
For example, Ethereum saw a notable decline of over 10%, Chain link shows a 26% decline, and some investments, like Wormhole, have suffered considerable losses, down more than 40% over the past month.
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
Ethereum, Chainklink, Wormhole price performance. Source: Trading View
Despite these setbacks, analysts like van de Poppe and Aylo remain confident about this strategy. They even increased its exposure to the risk of trade older altcoins for the newer ones who he believes will perform better when the market rebounds.
“This is the best place to bid on altcoins since mid-2023. Patience is required as we will likely stay in this area for a while. Certainly, it doesn’t seem like a good place to panic sell,” Aylo said. said.
During a previous bear market, van de Poppe invested in Polygon, Phantom and Ferosity, experiencing an initial downturn. However, he eventually saw massive returns, most notably from Ferosity, which surged 95 times its initial value.
He attributes his success to his understanding of market cycles and the resilience needed 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, it will trigger a altcoin season. Therefore, van de Poppe advises his fellow investors to maintain a long-term perspective and resist the urge to sell during economic downturns.
“I think you should consider maintaining your position and, if possible, continue accumulating. If you have the opportunity to continue accumulating positions, this is also the time when you need to show that you have balls of steel,” he concluded.
Learn 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 holding can lead to substantial returns.
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