The crypto market is trending to the upside and recovering some of its last week’s gains with Polygon (MATIC), and other altcoins following the general trend. Legacy company earnings reports seem to positively affect digital assets.
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Amazon (AMZN), which has generated more than $130 billion in net revenue, had exceeded earnings expectations as of the writing. Apple (AAPL), also exceeded expectations, reporting earnings of $83 billion.
Amazon +10%👀 pic.twitter.com/T4twX73AKG
— TradingView (@tradingview) July 28, 2022
As a result, the S&P 500 recorded a 1.23% increase at the U.S. close with the Nasdaq and the Dow Jones trading in the green. These reports were a boon for the crypto market, which continues to trade in line with traditional financial markets.
Top crypto analyst Michaël van de Poppe celebrated AMZN and AAPL’s positive price moves. According to the analyst, the price action in equities is likely to continue into the crypto market. Via Twitter, van de Poppe said:
we’re definitely ready for fireworks (…). Market looks poised to move heavily. Many altcoins & Bitcoin breaking above 50-Day Moving Average. Bitcoin moving above the 200-Week Moving Means. I expect to see an increase in altcoin prices of 100-200%.
Analysts singled out Solana and Polygon (MATIC), Cosmos, ATOM, Avalanche and Avalanche as those with the greatest potential to reap the benefits of a long-term bullish pattern. These cryptocurrencies have the potential to record 60x returns “in the next bull cycle”, van de Poppe said.
As mentioned, the altcoins can see gains up to 100-2000% in the short term if bullish momentum persists. According to the analyst, most of these altcoins are above moving averages so they might not face much resistance when trying to regain previously lost territory.
This analyst estimates that Avalanche’s (AVAX), could reach a goal of between $37 and $41. Polygon might surpass the $1 mark, while Solana could reach $62-$84.
Polygon (MATIC). Can A Crypto Summer Rally Benefit Polygon?
Analysts believe that crypto markets will benefit from relief rallies due to dovish U.S. Federal Reserve. According to market expectations this measure should trend lower in the July print. The institution is trying to curb inflation through increasing interest rates.
In addition, the Ethereum “Merge” was set for September 2022. This is a highly bullish event for cryptocurrency, which provided ETH bulls sufficient strength to drive the market up.
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Avalanche, Avalanche, Solana, SOL, and Cosmos might be good long-term investments due to their upcoming products and partnerships with key players within and outside of the crypto industry.
There are many ingredients that make a Summer Relief Rally possible:
▫️ Powell becoming dovish on policy and more data-dependent.
▫️ $ETHIn September, merge will be possible
▫️ Heavy impact on 3AC, Celsius, and more already priced in.I’m seeing $ETHUp to $2,400 $BTCFrom $28,000 to $30,000.
— Michaël van de Poppe (@CryptoMichNL) July 27, 2022