The altcoin market has the potential to make the next bull run a historical one. For this reason, investors must be intentional with the altcoins they add to their crypto portfolios in 2024. While Bitcoin and select tokens experienced a mini bull run in the first half of the year, select altcoins to go ‘flying’
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The altcoin market has the potential to make the next bull run a historical one. For this reason, investors must be intentional with the altcoins they add to their crypto portfolios in 2024. While Bitcoin and select tokens experienced a mini bull run in the first half of the year, select altcoins to go ‘flying’ in the next months may change the fortunes of many investors in the market.
Another breakout in Bitcoin price would have a significant impact on altcoins like XRP, DOGE, and Notcoin. As FOMO spreads across the market improving market sentiment, it will result in euphoria before the blow-off top.
The altcoin season which describes a period when altcoins sustain major rallies could send these coins flying with 50x-100x potential.
Investors will start to see altcoins’ market cap swelling to unprecedented levels ending in a classic local top ahead of the next crypto winter. It is essential to time such breakouts and tops to buy when prices are low and sell at the top, creating value and avoiding bull traps.
With the Federal Reserve expected to hold the FOMC meeting starting June 12, market watchers anticipate increased volatility this week. Similarly, the Fed could hint at the first interest rate cut which may mark the beginning of a major rally in the equities and crypto markets.
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Altcoins To Go Flying – Notcoin
Over the past month, Notcoin coin has experienced a surge of over 28%, reflecting increased investor confidence and a positive market outlook. Trading within a range of $0.0175 to $0.2, NOT coin has shown significant volatility over the past week.
Notcoin’s recent surge follows an announcement detailing significant user adoption and new engagement incentives.
Notcoin demonstrates strong upward momentum, indicating a possible entry into a bullish phase. If this trend persists, NOT might surpass the $0.019 resistance level. This trajectory could push its value towards the $0.05 mark, eventually reaching $0.1 in the foreseeable future.
Conversely, if market sentiment turns negative, Notcoin’s value may find support around $0.018. A prolonged downturn could see the price decline to approximately $0.017, underscoring the inherent volatility of the cryptocurrency market.
The daily technical indicators for Notcoin reveal a mixed market sentiment. The Relative Strength Index (RSI) is 42.68, indicating a relatively neutral stance, neither overbought nor oversold.
2. Dogecoin (DOGE)
Dogecoin price has been trading in a sideways trend lately, with bulls and bears battling for control. Despite occasional spikes and dips, the price has remained within a narrow range, reflecting market indecision.
Over the past week, DOGE has decreased by more than 10%, indicating a bearish sentiment among investors. The meme coin has been trading in a range of $0.14 to $016, reflecting increased market volatility. Most meme coins have also experienced a sideways trend, with minor fluctuations failing to break significant resistance levels.
With the current sideways market, Dogecoin is closely eyeing critical price levels. If DOGE surpasses $0.15, it could encounter significant resistance at $0.20. Breaking free from its longstanding trading pattern would be a key milestone. Sustaining above this level might set the stage for Dogecoin to target a more ambitious resistance at $1.
3. XRP
XRP price hovered above $0.5 during the American session on Monday. It has increased in value by 1.4% in the last hour while maintaining a 1.8% surge in 24 hours, CoinGecko data shows.
The cryptocurrency community is looking forward to the determination of the ongoing Ripple vs SEC lawsuit. Meanwhile, it has been widely reported that the regulator may be considering and preparing to appeal the rulings.
Brad Garlinghouse, Ripple’s CEO has expressed optimism for a spot XRP ETF, saying that the direction is inevitable. However, this will largely depend on the direction the lawsuit takes in 2024 and its aftermath in 2025.
At the same time, uncertainty could remain after the case has been determined as the SEC is likely to appeal against the July ruling on secondary sales of XRP.
XRP nosedived on Friday below $0.5 but stopped above the $0.49 level. A rebound has since ensued and reclaimed the ground above $0.5 to trade at $0.05 at the time of writing.
The 20-day Exponential Moving Average (EMA) provides immediate support at $0.5116 as XRP price forms the second consecutive four-hour green candle.
Based on the Relative Strength Index, currently holding at 51 from last week’s dip into the oversold region, XRP shows potential to shape the uptrend to $0.6.
Traders would be willing to enter more buying orders above the double-bottom pattern’s neck resistance area to capitalize on a potential move to $0.6. If this breakout materializes, XRP price might ignite FOMO backing a larger move toward $1.
The post 3 Altcoins To Go ‘Flying’ With 50X-100X Bull Run Potential appeared first on CoinGape.
