As the crypto market continues to show bullish signs, top analysts are identifying altcoins that could potentially surpass their previous all-time highs (ATH) in 2024. Renowned crypto analyst CryptoBulle has highlighted four altcoins that are currently under -valued and expected to experience significant growth. . This article examines the reasons for these predictions and the factors contributing to the promising prospects of these altcoins.
Identifying Promising Altcoins for 2024
CryptoBulle highlights the importance of investing in altcoins that have demonstrated resilience and strong performance against key technical indicators. Fibonacci retracement levels, in particular, are an essential tool for predicting potential price movements. Altcoins that have already tested the 0.618 or 0.786 Fibonacci levels are considered prime candidates to reach new ATHs.
Which #Altcoin will break the ATH and which one will not
Draw the Fibs form from top to bottom. Those who have already tested the 0.618 Fib level (or even 0.786) will definitely make a new ATH (strong plays).
Examples: $NEAR $AR $METIS $AVAXThose who are still between… pic.twitter.com/VeMIkI8NvF
– CryptoBullet (@CryptoBullet1) May 16, 2024
Altcoins set to hit new all-time highs
NEAR Protocol (NEAR)
NEAR protocol, known for its scalability and user-friendly features, has demonstrated significant growth potential. After hitting a low of $2.45 on January 23, NEAR surged to $9 on March 15, an increase of 265%. Despite a subsequent 20% decline, it stabilized around $7.3 and is currently trading at $8.08. With a market cap of $8.70 billion, NEAR's robust performance and scalability features make it a strong contender for new ATHs.
Arweave (AR)
Arweave, a decentralized storage network, has shown remarkable resilience with its AR token near $46.5 during recent rallies. The launch of Arweave AO, a new, more efficient blockchain, further strengthens its position. This development is reflected in market sentiment, with a Fear and Greed Index of 57, indicating a positive trend driven by greed.
MetisDAO (METIS)
MetisDAO, a layer 2 solution for Ethereum, is gaining traction due to its ability to improve scalability and reduce transaction costs. Trading at $57.73 with a market cap of $326 million, MetisDAO's innovative approach to scaling Ethereum makes it a promising altcoin for future gains.
Avalanche (AVAX)
Avalanche is a layer one blockchain known for its speed and low-cost transactions, positioning itself as a strong competitor to Ethereum. Recent developments and strategic advances in its network have strengthened its potential for significant growth.
Market sentiment and strategic investments
The current bullish sentiment in the crypto market, coupled with strategic investments in these promising altcoins, has investors potentially reaping substantial rewards. As market dynamics evolve, these altcoins are expected to outperform and reach new ATHs in the coming year.