- Crypto markets were relatively flat for the first two days of 2022 and prices were suppressed.
- Analysts have noted bullish fundamentals in several assets like Ethereum Name Service, Spell Token and Gala.
- Analysts predict a breakout in altcoin prices in the beginning of 2022 as they are printing a bullish market structure.
Crypto analyst and trader Michaël van de Poppe believes that DeFi protocols are primed for a breakout in 2022. Analysts have observed a bullish market structure in altcoins over the past two days.
Altcoins with bullish fundamentals could start a price rally
Michäel van de Poppe, a crypto analyst and YouTuber is bullish on DeFi projects built on the Ethereum network. The analyst has predicted a breakout in altcoins at the beginning of 2022.
The analyst is bullish on Curve DAO Token (CRV), he was quoted on Twitter:
CRV has a beautiful chart and is currently one of the better-looking coins. The USDT pair is making higher lows and higher highs, and it looks like it will make another attempt to break through the 1.618 fib level.
The analyst’s target for CRV is $8.35. Commenting on the lengthening cryptocurrency cycles, Michaël van de Poppe said,
I’m still assuming that we are into a lengthening cycle which is going to cause a longer run on the markets to be happening in the coming year. As you know, I’m quite bullish on the markets.
Analysts at the crypto intelligence firm Santiment have observed bullish fundamentals in assets like Ethereum Name Service, Spell Token and Gala.
As #crypto markets have stayed relatively flat these first couple days of the #NewYear, we're seeing several assets indicating rising #bullish fundamentals while prices are suppressed:
— Santiment (@santimentfeed) January 2, 2022
$BICO
$XYO
$ENS
$ELON
$SPELL
$HEX
$GALAhttps://t.co/FVF1bJkwsN pic.twitter.com/oRs1Q9HFaR
Further, data from WhaleStats reveals that over 1,000 non-exchange Ethereum whales are accumulating SushiSwap. The governance token of the SushiSwap exchange is a popular investment among Ethereum holders.
FXStreet analysts believe that Matic price could test previous breakout level as Polygon collapses to $2.
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