Altcoins are plunging and, hence, are offering a good buying opportunity, as some appear to be at the foothills of a massive explosion. Bitcoin is gaining back its dominance and is approaching the 50 mark. The market liquidity is mainly held by the star crypto, as investors have jumped back in to carry out BTC trades. Although the altcoins may appear to trade sideways with less volatility and volume, as they mark new highs, the liquidity flow is believed to get back to Ethereum and later to the altcoins.
Below are some of these altcoins that have the potential to be the next 100x gem.
Cardano (ADA)
- Cardano is among the cryptos which are considered to be the strongest projects considering the fundamentals and have been displayed a more diverse trend than the entire crypto space in various occasions
- The ADA price is trying to halt the bearish trend and quickly trigger a U-shape recovery, as it did during the beginning of the year 2023
- If a similar trend repeats, the price could begin with a healthy upswing and reach the interim resistance close to $0.3
- Previously, the price led a massive upswing to mark new yearly highs above $0.44, and hence a similar price action can be expected at the moment.
Polygon (MATIC)
- Polygon is also considered a token with strong fundamentals and its contribution within the DeFi space and specifically to Ethereum has kept it always on the upper hand
- The price has manifested acute strength multiple times since the beginning of 2023 and hence is believed to fight with the bearish trend and propel high
- The price reached the lower trend line and triggered a bounce, which is believed to uplift the price close to the major resistance just below $1
- Further, if the MATIC price manages to rise and sustain above these levels, then a notable upswing may make its way out
Arbitrum (ARB)
- The Arbitrum price since its inception has been trading within a falling wedge, which is largely considered a bullish
- The price has bounced off from the lower support and is currently on its way to test the upper resistance of the wedge
- Here, if the bulls maintain their strength, then the price can pierce through the upper resistance and reach the major resistance above $1.2.
- Otherwise, a rejection may drag the price lower, close to the support of the wedge, which may again trigger a significant upswing soon
Binance Coin (BNB)
- Binance Coin price is trading within a decisive symmetrical triangle and is trading very close to the edge of the consolidation
- The price is trading around $240 at the moment and if the price continues with the same trend, it may rise above the interim resistance at $250
- Else, in case of a bearish breakdown, the lower support at around $230 may be tested, which may trigger a fine rebound
- However, the RSI has displayed a bullish divergence, which suggests a bullish breakout may be on the horizon
