According to analyst, Michael van de Poppe, the altcoins are set to perform strongly, following Ethereum's beating of Bitcoin.
Van de Poppe says that Polkadot is undervalued despite its strong fundamentals and thriving ecosystem, and is predicting a surge to $17.
Van de Poppe believes that Near Protocol is ready for a price rally, and could even double if it breaks above a key resistance level.
Despite a recent dip, Van de Poppe anticipates Woo Network to resume its upward trend, possibly reaching $0.7 or higher.
Van de Poppe says that Renzo is a good investment for new crypto users, with a possible rise to $0.24, on the back of a Dogecoin breakout to $1
Right after the approval of the 8 Ethereum ETFs in the US, analyst, Michael van de Poppe highlighted several interesting developments
The analyst mentioned that Ethereum is now outperforming Bitcoin by more than 25%, and as long as Ethereum stays above 0.05 BTC, this trend is expected to continue upwards.
He also expects Ethereum to continue outperforming Bitcoin for a while, dragging a few other altcoins up with it in what will be a 2024 "altcoin season".
In his analysis, the crypto trader has turned his attention to five specific altcoins for investors to keep their eyes open for in June.
Without further delay, here they are:
According to data from CoinMarketCap, Polkadot is down by 5.93% over the last week, and by 1.04% over the last month.
Polkadot’s price action
This shows that the cryptocurrency is currently trading at a discount, and according to Michael van de Poppe, Polkadot is “one of the blockchains that's heavily undervalued.”.
The analyst notes that despite how Polkadot is scalability and security-focused—even despite how six massive RWA projects including Centrifuge, Energy Web and XCavate are currently thriving in the Polkadot ecosystem, we have $DOT trading at a mere $7.
Van de Poppe shared the chart above, indicating that Polkadot only needs a trigger from here to rally straight up to $17 or even higher.
Near Protocol shares the same fate as Polkadot, being down by 10% on the weekly timeframe, and up by a meagre 2.5% on the monthly.
Near protocol’s price
Van de Poppe argues that Near is poised for a parabolic rally, and is only waiting for “a crucial breakout upwards”.
The analyst shared the Near versus Bitcoin chart below, which shows something interesting.
According to van de Poppe, if Near breaks the 12,200 NEAR versus BTC area, the cryptocurrency is set to double a few months from now.
Woo's price, for some reason, is also suffering with a 10% decline in the weekly timeframe. Things are slightly better, however, on the monthly, considering the cryptocurrency's 7% price increase.
Woo’s current price
Van de Poppe argues that Woo is "likely going to continue grinding upwards."
The analyst also says that this altcoin has behaved like most of the others on the list so far, giving back all of the momentum it gathered so far.
Van de Poppe says that once Woo breaks above the $0.40 price level, the likelihood of a strong upside is set to increase, leading the altcoin up to the $0.7 zone or even higher.
Renzo is a lot more bullish than the rest on most timeframes. On the daily, this altcoin is up by around 3.66%. On the weekly, we have an 11% price increase, despite a 6.7% decline on the monthly.
Renzo’s price
Van de Poppe opined that newer coins are better investments for newcomers to crypto, and as far as newcomers go, Renzo is a worthy candidate.
The analyst says that if Renzo holds its ground above the $0.14 zone, it would constitute a new higher low above the $0.1376 price level.
With this being said, Renzo can grind higher, through which the next target will be $0.24.
Dogecoin is down on all timeframes, according to data from CoinMarketCap.
Dogecoin’s price action
The cryptocurrency is down by 5% over the last 7 days, and by 0.16% over the last week, in a pretty much stagnant price movement so far.
According to van de Poppe, predicting Dogecoin is an “easy play”.
The next few months are expected to bring in a “massive breakout” for Dogecoin, possibly taking it to $1 in this cycle.
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