In the positive scenario for cryptocurrencies, altcoins are strengthened and some appear as interesting investments for those who bet on the crypto market.
The most famous cryptocurrency in the world, Bitcoin (BTC), is located around US$69,000 and, despite the volatility of the crypto market, the BTC 30-day volatility index remains relatively low, by around 11%. Amid the uncertainty, investors are turning their attention to altcoins (alternative cryptocurrencies), which rose more than 1,000% this week.
In that scenario, in a report for Cointepegraph, Mike Ermolaev, founder of Outset PR and cryptocurrency analystanalyzed the altcoin scenario and identified three of them that have good opportunities to rise in the future:
- Apts (APT): The current trading range of Apts (APT) is defined by a key support at $12 and resistance at $17. The 100-day Exponential Moving Average (EMA) is at $14, serving as a bullish signal for long-term trends. Thus, APT attracts attention due to a series of strategic partnerships and innovative projects. Recent collaborations with Movement Labs, Move Stack, Microsoft and Sushi Swap strengthen its market position. Additionally, the project’s involvement in launching an NFT platform and forming partnerships with Universal Pictures and Thala Labs demonstrate an active approach to diversifying its ecosystem. However, the currency may face downward pressure if any of these companies encounter difficulties. It is also important to remember that only 40% of APT tokens are in circulation, which creates potential risk of a sudden correction.
- Solana (SOL): Solana is in a critical trading range, with price fluctuations between a support level at $157 and a resistance level at $225. Technical indicators show a slight difference between the 10-day EMA at $176 and the 100-day EMA at $166, indicating a relatively stable uptrend. experienced a significant increaserecording the highest daily DEX volume in its history and reaching a 64% market greed index, indicative of an upward trend. This surge, fueled by a boom in meme coins and pre-sales, made Solana the most popular network worldwide last week. Researcher ZachXBT’s conclusions that more than 655 thousand SOL were raised, in 27 pre-sales, many yet to be launched, highlight Solana’s prominence. With interest in Solana reaching a peak score of 100 on Google Trends, investors are advised to carefully evaluate their positions amid this surge in market interest.
- Avalanche (AVAX): Show a key support at $45.15 and resistance at $66. The 100-day EMA is at $51, with the 10-day EMA following closely at $54, suggesting a relatively stable uptrend. Avalanche (AVAX) faces more resistance at $74 and $95, while it has lower support thresholds at US$31 and US$10. It is expanding its ecosystem through a significant collaboration with Alipay, implementing a Web3-based voucher program. Vouchers are supported by an Avalanche Subnet, which integrates Web3 solutions into various brands’ systems. This program is already operational in 500 locations throughout Southeast Asia. It has the potential to continue growingwhich largely depends on the success of your voucher program and the stability of Web3 solutions.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
