With the approval of the spot ETH ETF and the price of Bitcoin holding its value above the $68,000 mark, the crypto market has displayed a strong bullish sentiment, highlighting a high possibility of an altcoin rally during the upcoming weeks.
Moreover, mid-cap and low-cap altcoins have recorded the highest profits during this week, indicating a rising interest of investors in these altcoins. Planning on investing in these altcoins for huge returns amid Ethereum rush? But concerned about its future prospects?
Dive in as, in this article, we have covered the price sentiments and market analysis of top 5 altcoins that hint at a potential surge of 2X to 5X by the end of Q2!
Phoenix (PHB):
The PHB price has added approximately 45.83% to its portfolio within the past 30 days and 298% since the year started, indicating a strong bullish sentiment. Moreover, with a market cap of 131.397 Million, the Phoenix token has secured the 402nd spot on the global crypto market list.
Positively, the PHB price has formed a Parabolic SAR pattern in the 1D time frame, highlighting a strong bullish influence for the altcoin. However, the SMA displays a bearish crossover, suggesting a mixed sentiment in the crypto space.
The RSI shows a steady decline in the chart after hovering close to its overbought range for a brief period. On the other hand, the average displays a neutral sentiment in the chart.
If the market pushes the Phoenix price above the resistance level of $3.80, the bulls will prepare to test its upper resistance level of $3.2025 in the coming time. Negatively, a bearish reversal could pull the price toward its lower support level of $2.1875.
BinaryX (BNX):
After displaying a weak price action for a brief period, the BNX price started the year 2024 on a positive note. The altcoin has a Year-to-Date (YTD) return of approximately 350%, indicating a bullish outlook for the BinaryX price during the upcoming bull rally.
The BinaryX token has formed a rising channel pattern, highlighting the increased bullish influence of the altcoin. Furthermore, the EMA 50-day supports the price, suggesting a positive price action during the upcoming weeks.
The technical indicator, MACD, displays a significant rise in the histogram with its averages showing a sharp uptrend, indicating an increase in the buying-over-selling pressure.
If the bulls hold the price above the support level of $1.3050, the BNX price will test its resistance level of $1.520 soon. However, if the bears overpowered the bulls, the price would test its support level of $1.0825.
Celsius (CEL):
The Celsius price has displayed a significant price volatility this year by adding 615% to its portfolio within the past 30 days, whereas it added only 385% since the year started, highlighting a rise in the bullish influence for the altcoin over the recent time.
The Relative Strength Index (RSI) records a sharp decline over the overbought range, indicating a high possibility of a bearish reversal in the crypto space.
If the market holds 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 result in the altcoin retesting its lower support level of $1.
Akita Inu (AKITA):
The AKITA price has displayed a constant rise in its chart since the start of the year, indicating a rising bullish influence for this altcoin in the crypto space. Moreover, it has a YTD return of approximately 60%, indicating a high potential of a positive price action during the upcoming bull rally.
The AKITA price has formed a rounding bottom pattern in its price chart, suggesting a high possibility of a breakout rally in the coming time. Moreover, the SMA supports the price chart, increasing the chances of a favorable outcome.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram. Furthermore, the averages show a constant uptrend, suggesting the price will continue gaining value in the coming time.
If the bulls break out of the pattern, the Akita price will prepare to test its upper resistance level of $0.000005 during the upcoming weeks. Negatively, bearish price action could result in the altcoin testing its support level of $0.000002200.
GameStop (GME):
The sensational crypto token of the Solana ecosystem displayed a strong bullish reversal in its chart by recording a surge of 656% over the past few weeks. Moreover, the rebound in the hype for SOL-chain tokens has led to a new round of surge in its tokens.
The GameStop price has formed a symmetric triangle pattern and is on the verge of breaking it, the outcome of which is unpredictable. Further, the Cross EMA 50/200-day acts as a channel to the price chart, highlighting uncertainty in future price action.
The technical indicator, RSI, shows a neutral trend in the 1D time frame, indicating a weak price action in the crypto market. Positively, the average displays a high possibility of a bullish convergence, suggesting a positive outlook for the GME price.
If the altcoin breaks out of the pattern, the GME price will prepare to test its upper level of $0.01. However, in case of a breakdown, the GameStop token will fall toward its low of $0.002370.
Conclusion:
With the approval of the spot Ethereum ETF, the cryptocurrency market has displayed a strong sign of an AltSeason during the upcoming weeks. Moreover, mid-cap and low-cap altcoins have recorded massive price movements over the recent time.
This hints at a good entry point for traders to start investing and stack these potential altcoins to maximize their profits during the upcoming bull rally.
Note: This article is not subjected to financial advice and was made for research purposes only. Investing in cryptocurrency is highly risky as the market is highly volatile. Make sure to do detailed research before investing in any digital asset.
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- Source: https://coinpedia.org/price-analysis/top-altcoins-for-2x-5x-return-in-q2/
