Altcoin
This Ethereum-based small-cap altcoin is set to explode by 150% in the next few months, says Michaël van de Poppe
A widely followed crypto analyst is suddenly turning bullish on small-cap Ethereum (ET) 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 increase by 150% from its current value.
“SKL is doing great. It has rejected at the first resistance zone, but is on the verge of a significant breakout. This breakout will likely head towards $0.20 in the coming months.”
Source: Michaël van de Poppe/X
Looking at the chart, the trader predicts that SKL will turn the key $0.09 resistance level into support soon.
It also uses Fibonacci extensions to predict the massive $0.20 breakout price target. Fibonacci extensions are used in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
SKL trades for $0.080 at the time of writing, down nearly 5% over the past 24 hours.
Skale Network aims to create a gas-free Ethereum Virtual Machine (EVM) compatible blockchain for scaling Ethereum. Instead of charging transaction fees to end users, SKALE generates fees by charging developers a fee for running a SKALE chain.
According to the developers of the project, Skale Network reached up 10 million unique active wallets (UAW) in Q1 2024 and saving users over $3.8 billion in gas fees.
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Featured image: Shutterstock/Yuliia Skliarenko/Fotomay