Altcoins are plunging and therefore offer a good buying opportunity as some appear to be at the foot of a massive explosion. Bitcoin regains its dominance and approaches the 50 mark. Market liquidity is mostly held by the crypto star as investors have returned to transact BTC. Although altcoins may appear to be trading sideways with less volatility and volume as they mark new highs, it is believed that liquidity flow will return to Ethereum and later altcoins.
Below are some of these altcoins that have the potential to be the next 100x gem.
- Cardano is among the cryptos that are considered the strongest projects considering the fundamentals and have exhibited a more diversified trend than the entire crypto space on various occasions.
- ADA price tries to stop the downtrend and quickly trigger a U-shaped recovery, as it did in early 2023
- If a similar pattern repeats, the price could start with a healthy rise and reach the intermediate resistance near $0.3
- Previously, the price rallied massively to mark new yearly highs above $0.44, so we can expect similar price action for the time being.
- Polygon is also considered a token with strong fundamentals and its contribution within the DeFi space and especially Ethereum has always kept it on top.
- The price has shown acute strength several times since the beginning of 2023 and hence it is believed to be fighting with the downtrend and propelling high
- The price reached the lower trendline and triggered a bounce, which is expected to push the price up near major resistance just below $1.
- Moreover, if the MATIC price manages to rise and hold above these levels, then a noticeable upside could come out
- Arbitrum price since inception has been trading in a descending wedge, which is widely seen as bullish
- Price has bounced off lower support and is currently on its way to test upper wedge resistance
- Here, if the bulls maintain their strength, then the price may break through the upper resistance and reach the major resistance above $1.2.
- Otherwise, a rejection can drag the price down near the wedge support, which could again trigger a significant upside soon.
Binance Coin (BNB)
- Binance Coin price is trading in a decisive symmetrical triangle and is trading very close to the edge of consolidation
- The price is currently trading around $240 and if the price continues on the same trend, it might break above the intermediate resistance at $250.
- Otherwise, in a bearish breakdown, the support below around $230 can be tested, which can trigger a nice bounce.
- However, the RSI has shown a bullish divergence, suggesting that a break-up might be on the horizon.