Leading cryptocurrency analysts pointed to these 6 altcoin projects in their recent analysis! With Bitcoin also showing a bullish trend, these altcoins could explode soon! Here are the details…
Popular cryptocurrency analyst explained: These 6 altcoins may explode!
Popular analyst Tom Busby, who analyzes cryptocurrencies in a recent video, announced 6 altcoin projects that will dominate the market in April. Among the altcoin projects chosen by Busby are Ethereum, dYdX, Polygon, Zilliqa, XRP and ADA. So what are the critical levels?
dYdX (DYDX)
The expert name center noted that decentralized exchanges like dYdX are gaining momentum as exchanges come under criticism for security breaches and other issues. dYdX is a decentralized exchange platform that allows users to buy and sell cryptocurrencies over a peer-to-peer network. With Binance’s recent regulatory crisis, a light may have appeared for DEXs. Therefore, dYdX and others have an opportunity to grow in this area. dYdX is currently trading at $2.52.
Polygon (MATIC)
Polygon (MATIC) is Ethereum’s layer-2 scaling solution aimed at solving scaling problems. Polygon’s zero-knowledge VM Beta is the leading zero-knowledge scaling solution equivalent to the Ethereum virtual machine. This technology allows Ethereum-based contracts to run on Polygon, making it an attractive option for developers looking to migrate DApps to their other blockchains. MATIC is currently valued at $1.14 and may rise in the near future thanks to the partnerships it has established.
Zilliqa (ZIL)
The analyst said that Zilliqa is currently trading at $0.028 and has shown steady growth over the past few months. With it, EVM compatibility is coming to Zilliqa, making it easy for developers to migrate their DApps to other blockchains by enabling Ethereum-based contracts to run on top of it. As Cryptokoin.com, as we have previously reported, Zilliqa is closely followed by many investors.
Ripple (XRP)
XRP has been on the agenda lately due to the ongoing legal battle with the SEC. However, as the analyst pointed out in his remarks, there is a lot of speculation that this lawsuit could be concluded soon, which could lead to a significant price increase. Considering how it has not been strongly affected by the current market-wide drop, there is very good potential for XRP in the short term. Ripple is currently valued at $0.54 and has risen over 21 percent in the past seven days.
Ethereum (ETH)
The popular analyst said that Ethereum continues to perform strongly in the cryptocurrency market. The upcoming Shanghai upgrade will increase scalability and efficiency. With its strong history and ongoing development, Ethereum remains a solid option for investors looking for an altcoin with long-term potential. Instantly, ETH is trading at $1,800.
Cardano (ADA)
Cardano price experienced a ‘v-shaped’ recovery and rallied to hit target 1 around $0.385. The buying pressure has increased subtly, which could push the price higher to reach key resistance above $0.42. However, technical data suggests that a bullish breakout could be imminent.
ADA price is currently trading inside an ascending triangle and has just recovered from the lower support of the triangle. The RSI is rising which could push prices northward. However, prices could certainly stay below resistance for a while, which could help the coin gain some strength to exit the consolidation.
Cryptocurrency market started with a bullish trend: Bitcoin has a bullish trend!
On the other hand, the cryptocurrency market has triggered a 5 percent jump since the first trading hours of the week and made a good start with the bounce in BTC. While a massive recovery has taken place since the early trading hours, XRP has been the winners’ leader. At the moment, Bitcoin is trading within a bullish pattern and seems to be preparing for a big move as everything is poised for a breakout. The price has now formed a bull flag and is very close to a breakout.
BTC price is very close to reaching major resistance levels that have not been visited since June 2022. Going beyond the bullish flag formation, the price is believed to hold the initial $30,000 levels, which could ignite a notable rally further to reach the critical level, which is the $31,700-$32,400 resistance zone.
Unlike the previous cycle, Bitcoin bottomed out at the green midline of the log regression bands. Also, Bitcoin is now closer to preparing to face major resistance in the blue band and form a potential mid-top after clearing it. Therefore, the cycle looks like it has just started and may continue in a high range to form new highs for the cycle soon.
Collectively, the Bitcoin price is in an extreme bullish trend despite the occasional bearish blows. According to experts, the price is largely repeating previous patterns and if it does, a new ATH could occur later this year or in the first few weeks of 2024.
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