Altcoins
NEAR, AVAX, Arweave [AR]MétisDAO [METIS]: These are the altcoins to watch
- CryptoBullet predicts that NEAR, AR, METIS, and AVAX will reach new all-time highs by 2024, driven by current market trends.
- Technical analysis supports a positive outlook, with increasing altcoin trading volume indicating growing investor interest.
As the cryptocurrency market continues its upward trend, led by Bitcoin [BTC] Thanks to robust performance in recent weeks, the global crypto market cap has reached around $2.5 trillion.
As a result, altcoins such as Close protocol [NEAR] And Peas [DOT] showed a strong upward trend. This bullish wave has sparked optimism among investors and analysts.
Amid this positive momentum, CryptoBullet, a well-known crypto analyst, has foreseen that four altcoins are expected to reach new all-time highs (ATH) by 2024.
According to CryptoBullet, this period represents a great opportunity for investors to engage in specific altcoins that are currently undervalued but poised for significant growth.
CryptoBullet’s strategy is to take advantage of the current low prices of these altcoins to capitalize on potential explosive gains in the next bull market.
The key to identifying these promising investments lies in their performance relative to Fibonacci retracement levels.
CryptoBullet identifies altcoins that have tested or surpassed the 0.618 or even 0.786 Fibonacci levels as prime candidates to break their ATHs.
Source: CryptoBullet/X
On the other hand, the analyst disclosed altcoins that would likely not fare well, noting:
“Those still between 0.382 and 0.236 are unlikely to surpass their 2021 highs (weak plays). Examples: $DOT $AXS $FIL $ADA.
At the time of writing, DOT was the top gainer among these altcoins, followed by ADA in second place.
Notably, DOT and ADA saw an increase of 3.9% and 5%, respectively, over the past day, compared to FIL and AXS, an increase of 0.8% and 0.4% over the past day. of the same period.
NEAR, AR, METIS and AVAX expected to increase
CryptoBullet specifically highlighted NEAR, Arweave [AR], MétisDAO [METIS]And avalanche [AVAX] like altcoins with the potential to set new records.
Over the past few weeks, these altcoins have shown bullish trends, with METIS experiencing a slight decline.
However, despite falling 0.9% over the past week, METIS has rebounded, currently up 2.9% over the past 24 hours with a stock price of $60.59.
This minor slowdown is considered a temporary adjustment before a potential uptrend.
In contrast, NEAR and AR demonstrated more significant bullish momentum. NEAR jumped 13.4% last week and 36.4% over the past two weeks.
Similarly, AR increased by 10.5% last week and over 40% in the last fortnight.
Over the past 24 hours, NEAR and AR have increased by 3.6% and 10.1%, with a current price of $8.38 and $48.54 respectively, indicating a sustained uptrend.
Avalanche (AVAX) has also shown positive trends, with a current price of $37.09, up 7% over the past day.
Meanwhile, the dominance of altcoins, excluding the top 10, stood at 11.91% at the time of writing. Technical analysis of the overall altcoin market shows quite an interesting trend.
Realistic or not, here it is Market capitalization of AVAX in terms of BTC
The market has recently shown a bullish dragonfly candle followed by a bullish engulfing candle, which closes above the dragonfly candle. This trend suggests that further upward movements were likely.
Source: Tradingview
Additionally, AMBCrypto reports that altcoin trading volume dominance has reached 78%, the highest in two years, reporting that growing investor interest in altcoins.