Altcoins
Best Altcoins for 2X to 5X Return in Q2?
With the approval of the ETH ETF spot and the price of Bitcoin maintaining its value above the $68,000 mark, the crypto market displayed strong bullish sentiment, highlighting the strong possibility of an altcoin rally over the coming weeks.
Additionally, mid- and small-cap altcoins saw the highest profits during this week, indicating growing investor interest in these altcoins. Are you planning to invest in these altcoins to get huge returns in the middle Ethereum rushing? But concerned about his future prospects?
Dive in because, in this article, we have covered the price sentiments and market analysis of the top 5 altcoins that suggest a potential 2X to 5X increase by the end of Q2!
Phoenix (PHB):
PHB price has added approximately 45.83% to its portfolio over the past 30 days and 298% year-to-date, indicating strong bullish sentiment. Moreover, with a market capitalization of 131.397 million, the Phoenix token secured the 402nd place on the global crypto market list.
TradingView: PHB/USDT
Positively, PHB price formed a parabolic SAR pattern on the 1D timeframe, highlighting a strong bullish influence for the altcoin. However, the SMA is showing a bearish crossover, suggesting mixed sentiment in the crypto space.
The RSI is showing a steady decline in the chart after remaining near its overbought range for a brief period. On the other hand, the average displays a neutral sentiment on the chart.
If the market pushes Phoenix price above the resistance level of $3.80, the bulls will prepare to test its higher resistance level of $3.2025 in the coming time. Negatively, a bearish reversal could pull the price towards its lower support level of $2.1875.
BinaryX (BNX):
After showing weak price action for a brief period, BNX price started 2024 on a positive note. The altcoin has a year-to-date return (YTD) of around 350%, indicating a bullish outlook for BinaryX price during the next bull rally.
The BinaryX token has formed an ascending channel pattern, highlighting the altcoin’s increased bullish influence. Additionally, the 50-day EMA supports the price, suggesting positive price action over the coming weeks.
The MACD technical indicator is showing a significant rise in the histogram, with its averages showing a strong upward trend, indicating an increase in buying-on-selling pressure.
If the bulls sustain the price above the $1.3050 support level, BNX price will soon test its $1.520 resistance level. However, if the bears overpower the bulls, the price would test its support level of $1.0825.
Celsius (CEL):
THE Celsius Price has displayed significant price volatility this year by adding 615% to its portfolio over the past 30 days, while it has only added 385% year-to-date, highlighting an increase in influence bullishness of the altcoin during the recent period.
The relative strength index (RSI) is recording a sharp decline from the overbought range, indicating a strong possibility of a bearish reversal in the crypto space.
If the market sustains the price above the support level of $1.250, the bulls will regain momentum and prepare to test its upper resistance level of $1.7275. Conversely, a market correction could cause the altcoin to retest its lower $1 support level.
Akita Inu (AKITA):
AKITA price has shown a steady rise in its chart since the start of the year, indicating a growing bullish influence for this altcoin in the crypto space. Additionally, its year-to-date return is around 60%, indicating high potential for positive price action during the next bull rally.
AKITA price has formed a rounded bottom pattern in its price chart, suggesting a strong possibility of a rally in the event of a breakout in the coming times. Additionally, the SMA supports the price chart, thereby increasing the chances of a favorable outcome.
The Moving Average Convergence Divergence (MACD) displays an increasing green histogram. Additionally, the averages show a steady upward trend, suggesting that the price will continue to gain value in the coming times.
If the bulls break out of the trend, Akita price will prepare to test its upper resistance level of $0.000005 over the coming weeks. Negatively, bearish price action could lead the altcoin to test its support level of $0.000002200.
GameStop (GME):
The sensational crypto token of the Solana ecosystem has displayed a strong bullish reversal in its chart by recording a rise of 656% over the past few weeks. Additionally, the rebound in hype around SOL Chain tokens has led to a new wave of rise in its tokens.
GameStop price has formed a symmetrical triangle and is about to break it, the outcome of which is unpredictable. Additionally, the 50/200-day Cross EMA acts as a channel to the price chart, highlighting uncertainty over future price action.
The technical indicator, RSI, is showing a neutral trend on the 1D timeframe, indicating weak price action in the crypto market. Positively, the average displays a strong possibility of bullish convergence, suggesting a positive outlook for GME price.
If the altcoin breaks out of the trend, GME price will prepare to test its $0.01 upper level. However, in the event of a breakdown, the GameStop token will fall towards its all-time low of $0.002370.
Conclusion:
With the approval of the Ethereum ETF spot, the cryptocurrency market has shown a strong sign of an AltSeason in the coming weeks. Additionally, mid- and small-cap altcoins have seen massive price movements recently.
This portends a good entry point for traders to start investing and stacking these potential altcoins to maximize their profits during the next bull rally.
Note: This article is not intended as financial advice and was written for research purposes only. Investing in cryptocurrencies is very risky because the market is very volatile. Be sure to do detailed research before investing in any digital asset.