As the dust of the latest crypto crash clears, investors are laying the groundwork for the next potential altcoin bull run. With prices at record lows for many promising cryptocurrencies, this may be an ideal time for savvy investors to take positions in anticipation of the next cycle. Here are five notable altcoins, according to analyst Rudy Fares.
The first altcoin on the list: Harmony (ONE)
Harmony crypto’s commitment to providing a highly efficient, low latency and low fee consensus platform built to power the decentralized economy of the future makes it a potential game changer. The current low price of Harmony may not stay that way for long given its promising frame. The price of ONE is in a downtrend. However, we have seen a minor pullback recently. This could indicate that a new uptrend is coming soon. If the entire market returns to its uptrend, ONE token prices should increase rapidly.
Second altcoin: Stellar (XLM)
Stellar, a decentralized blockchain platform that uses its native cryptocurrency Stellar Lumens (XLM) to enable smooth money transfers, has seen its prices increase by over 40 percent since the start of 2023. Despite the severe crypto crash during the year, Stellar managed to weather the storm and rise from 7 cents to 10 cents, demonstrating its strong fundamentals and belief in the capabilities of its user base.
With the expected return of the crypto bull market, Stellar’s strong performance positions it as a potential asset for investors looking to capitalize on the next wave of crypto growth. However, any investment decision should be based on careful research and consideration of individual risk tolerance.
Another noteworthy cryptocurrency: Cardano (ADA)
Cardano, a blockchain platform built for smart contracts, has had a volatile journey in 2023. The local cryptocurrency ADA saw a significant increase in value in the first quarter of the year, but the ensuing crypto market crash caused ADA’s prices to drop to its initial annual level of $0.25.
Currently, ADA is trading just above this level at $0.28. Given Cardano’s solid technological foundation and the predicted return of the crypto bull run, there is an optimistic outlook for ADA to recover significantly and potentially revisit the key $1 mark it has reached in the past. However, investors should make prudent decisions considering the inherent risks in the volatile crypto market.
There is optimism for Polygon
Known for its layer 2 scaling solution for Ethereum, Polygon had a turbulent year in 2023. Cryptocurrency MATIC, despite starting the year at a promising $0.75 and gaining 60% in Q1, has faced fierce backlash following the crypto crash and inclusion on the SEC’s crypto blacklist. The negative effects caused the price of MATIC to drop sharply, pushing it as low as $0.52. Fortunately, prices have stabilized and are currently hovering around $0.68. With its technological prowess and potential to increase Ethereum’s scalability, Polygon is likely to bounce back strongly once the overall crypto market fundamentals regain their positive momentum.
First place is Tron (TRX)
Known for its ambitious goal of decentralizing the web, TRON has put up solid resilience amid the 2023 crypto crash. Having a strong start to the year, TRON’s native cryptocurrency TRX entered a remarkable uptrend, gaining over 50% and reaching its current price of $0.08. Despite the market turmoil, TRX’s steady bullish momentum indicates that it may soon pass the key $0.1 milestone. Also, given the favorable technical charts, TRX has the potential to climb even higher. Therefore, TRON presents a promising opportunity for investors seeking strong performance in volatile market conditions.
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