When the crypto market starts to move, analysts choose altcoin projects that can run well. We have compiled the analysts’ selections for our readers.
The best performing altcoin in the next bull run
XRP is easily among the top 10 cryptocurrencies by market capitalization, among the most criticized and ignored cryptocurrencies. This is largely due to its relationship with Ripple, a blockchain payments firm with large XRP assets used as a bridge currency in its cross-border payment solution. To make the optical situation worse, in 2020 the US Securities and Exchange Commission (SEC) launched a lawsuit against Ripple, alleging that XRP is an unregistered security. cryptocoin.comAs you follow, all this has ensured that, unlike other leading crypto assets, the price of XRP has failed to create new highs in the 2021 bull run.
However, the asset had an impressive price show in Q1 2023 as investors await a positive decision in the SEC lawsuit. The price of XRP has recorded over 58% gains over the period. Well-known crypto YouTuber Ben Armstrong, popularly known as Bitboy, stated in a tweet on Tuesday that XRP will be the best performing asset in the next bull run. He said that this will happen as long as there is a positive decision in the Ripple SEC case and there is no appeal. “Suppression is almost over,” the analyst said.
These altcoin projects are poised for a massive price hike
Ripple (XRP)
Altcoin Sherpa, a popular crypto analyst, is bullish on XRP and shared the key support level that investors should watch. The analyst believes that the token will experience a massive rally. The expert expects XRP to retrace to the 0.5 Fibonacci level of $0.46. It then uses the Fibonacci retracement tool to predict an upward move, giving a price of $0.466 for the standard. At the time of writing, XRP is trading at $0.51, and if Altcoin Sherpa’s prediction turns out to be correct, XRP could see a significant price increase sooner than most expect.
Liquidity (LQTY)
Altcoin Sherpa also highlights Liquity (LQTY), an Ethereum-based decentralized borrowing protocol, and believes the altcoin has made a bottom and could explode soon. The analyst states that Liquity’s swing trading charts look promising and that the coin may see significant gains in the near future.
Ethereum (ETH)
Altcoin Sherpa says that Ethereum price is currently trading above its one-day Exponential Moving Averages (EMAs) after a breakout. Investors look at the EMA to determine if an asset’s price is in an uptrend. If the price stays above the EMA, the asset will likely resume its uptrend. The analyst makes the following statement:
Like Bitcoin, Ethereum has finally been bullish for the first time in all one-day EMAs. This is something we haven’t seen in months. We haven’t really seen this since November 2021. We’re seeing ETH on higher timeframes, finally EMAs all looking really solid. All tightened and consolidated and we are currently in an uptrend on this.
However, the analyst warns that Ethereum’s recent rise may soon lose momentum. Sherpa says that the $2,000 level could act as a resistance and ETH could decline to the $1,700 level in the near term.
Dogecoin (DOGE)
Altcoin Sherpa also comments on Dogecoin (DOGE), noting that the last pump of the meme token may not continue. The analyst notes that typically illiquid upward moves are followed by a rapid pullback. The first area of resistance is approaching, and he believes DOGE will likely drop completely once the Twitter icon is finally replaced.
Best bets to watch this bull market
According to the latest market analysis, Bitcoin’s dominance in the crypto market is starting to lose momentum, indicating a potential rise in the price of other cryptocurrencies. Andrew Kang, the leading crypto analyst and founder of venture capital firm Mechanism Cap, believes that if an altcoin season is to begin, it will only be among the best.
Kang states that Bitcoin’s dominance in the market has started to wane and has reached a strong resistance level of around 47.8% as shown in the BTC.D chart. This indicates that altcoins may be ready for a comeback. History supports this claim. In the summer of 2018, Bitcoin’s dominance reached a similar level of resistance and only rose once again. Therefore, there may be a trend reversal.
In light of this, Kang recommends that altcoin investors focus on the best coins in the market. According to him, the top three contenders right now are Ethereum, Dogecoin and Arbitrum. “Bitcoin’s dominance in the crypto market has been strong for a while, but it is starting to show signs of losing momentum,” the analyst says. DOGE and ARB have been making waves in the crypto community lately. Dogecoin in particular has garnered a lot of attention due to the recent rise in its price and high-profile endorsements from celebrities like Elon Musk. Meanwhile, Arbitrum’s innovative approach to scaling Ethereum has also caught the attention of investors.
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