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A widely followed crypto analyst is suddenly turning bullish on one low-cap Ethereum (ETH)-based altcoin project.
Crypto strategist Michaël van de Poppe tells his 719,400 followers on the social media platform X that Skale Network (SKL), an Ethereum sidechain, could soar 150% from its current value.
“SKL is looking great. Did reject at the first resistance zone, but is on edge of a significant breakout. This breakout is likely heading to $0.20 in the coming months.”
Looking at his chart, the trader is predicting SKL will soon flip the key resistance level of $0.09 into support.
He 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 pullbacks. They are based on Fibonacci ratios.
SKL is trading for $0.080 at time of writing, down nearly 5% in the last 24 hours.
The Skale Network aims to create a gas-less Ethereum Virtual Machine (EVM)-compatible blockchain for Ethereum scaling. 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 (UAWs) in Q1 2024 and saved users over $3.8 Billion in gas fees.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Yuliia Skliarenko/Fotomay
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