Top 3 Altcoins to Watch Out for in 2024: A Simple Technical Analysis
Let’s analyze 3 altcoins that have the potential to rally with Bitcoin in the coming days!
Bitcoin (BTC) has created a new all-time high price of $69,170.63 on March 05, 2024. Moreover, its market cap has crossed $1.30 trillion!
The major factors that have influenced the recent price rise include:
- Strong inflows into major Spot Bitcoin ETFs like BlackRock’s IBIT, Fidelity’s FBTC, Grayscale’s GBTC, and more.
- Upcoming Bitcoin halving event in April 2024.
But is it just Bitcoin’s price that’s surging? No, many altcoins also have joined this rally. Let’s take a look at it with the help of the charts.
First, let’s analyze Bitcoin (BTC)!
Bitcoin (BTC)
BTC created a previous all-time high of $68982.20 on November 10, 2021, following a crash in its price. In a span of almost one year, the price of BTC fell 77.56% to $15,479.25 on November 21, 2022.
During completing the drastic fall, BTC took a retest at a resistance of $48,240.33 on March 28, 2022. This resistance was broken at the beginning of February 2024.
As of March 07, 2024, the price of BTC is on the verge of breaking its newly created all-time high to cross the new $70,000+ levels.
Now, let’s explore the altcoins that have the potential to rally soon.
Note: Here, we’re only considering the cryptos that are ranked within the top 50 based on the market cap.
1. Ethereum (ETH)
Finding ETH on this list is not going to be a surprise as it is the second most valuable crypto after BTC.
ETH created its all-time high of $4,951.83 on November 10, 2021, the same day BTC hit its previous all-time high. However, due to the negative market sentiments, ETH also fell 82.16% to $883.60 on June 18, 2022.
During the second half of March 2022, ETH showed signs of a possible recovery but fell drastically after retesting the price of $3,588.44 on April 03, 2022.
At the time of writing, ETH has broken the strong retest level of resistance and is heading towards the $4,000 price level. If this positive momentum continues there’s a high possibility of ETH crossing $5,000 to create new all-time highs.
2. TRON (TRX)
TRX also shares a similar price pattern to BTC and ETH. The price of TRX started increasing in 2021 and reached a high of $0.184426 on April 16, 2021, and then it fell like other cryptos.
The price of TRX was reduced to 75.83%, and its price was as low as $0.044569 on June 22, 2021. Then, its price consolidated between January 2022 and October 2023.
Currently, TRX has surged over 200% since November 2022 and is expected to continue rallying along with the crypto giants like BTC and ETH.
3. Injective (INJ)
INJ is the phoenix crypto on this list. On April 30, 2021, it was trading at $27.2765 and fell to as low as $1.1225 on July 13, 2022 which is a disastrous 95.88% fall in price.
After the fall, the price of INJ stayed flat below $4 until it started to recover at the end of January 2023. Since then, this crypto surged almost 1500% during February 2024.
Currently, the price of INJ is consolidating between $30 and $47 and is expected to continue its rally once its price crosses the $47 level.
Crypto Fear and Greed Index
According to the data from CoinMarketCap, the Crypto Fear and Greed Index is 86/100. But how to understand it? Let’s get into that right away:
Based on this index, the market was majorly in fear from August 18, 2023 to September 28, 2023. Then, it stayed neutral till October 23, 2023.
Greed took over the market on October 24, 2023 with some neutral sentiments in the second half of January 2024. However, the market witnessed extreme greed starting from February 29, 2024 till date.
Final Thoughts
There’s an overall positive sentiment in the crypto market, followed by the Bitcoin ETF approvals and the halving event. This high demand in the crypto market will also help many altcoins to surge in the coming months.
Let’s wait and see!
Note: This writing is completely subjective to the writer’s viewpoint. Always DYOR before trading and investing in cryptos.
