NEAR, AVAX, Arweave [AR], MetisDAO [METIS]: These are the altcoins to watch

As a seasoned crypto investor with a keen eye for market trends and technical analysis, I am bullish on the potential of NEAR, AR, METIS, and AVAX to reach new all-time highs by 2024. The current market conditions, led by Bitcoin’s robust performance and the overall upward trend in the crypto market, create an opportune moment for investors to engage with these altcoins.

The global crypto market has surged, with Bitcoin‘s [BTC] impressive gains in the past few weeks driving the growth. Currently, the total value of all cryptocurrencies hovers around $2.5 trillion.

Due to strong market conditions, cryptocurrencies like Near Protocol (NEAR) and Polkadot (DOT) have experienced significant growth. This surge in value has ignited enthusiasm amongst investors and experts.

In the midst of this optimistic trend, renowned crypto analyst CryptoBullet predicts that the prices of four particular altcoins will hit new record highs (ATH) by the year 2024.

Based on CryptoBullet’s analysis, this phase offers a great chance for investors to consider investing in certain altcoins that currently have lower market values but hold the potential for substantial expansion.

“Using the present-day undervalued prices of these alternative coins, CryptoBullet intends to seize the opportunity for substantial profits during the anticipated bull market surge.”

One way to put it is: Identifying potential investments with great returns hinges on examining their price behavior relative to Fibonacci retracement levels.

CryptoBullet highlights altcoins that have hit or surpassed significant resistance levels at 0.618 or 0.786, according to the Fibonacci sequence, as strong contenders for reaching new all-time highs.

On the other hand, the analyst disclosed altcoins that would most likely not fare well, noting,

Coins currently hovering between 0.382 and 0.236 have a low probability of surpassing their previous highest prices in 2021 (underperforming coins). Some examples include: DOT, AXS, FIL, and ADA.

At the time of writing, DOT was the top gainer among these altcoins, with ADA coming second.

In the previous day, DOT and ADA experienced notable growth with a rise of 3.9% and 5%, respectively. In contrast, FIL and AXS witnessed more modest increases of 0.8% and 0.4% respectively.

NEAR, AR, METIS, AVAX set to surge

As a researcher focusing on the cryptocurrency market, I’ve identified NEAR, Arweave (AR), MetisDAO (METIS), and Avalanche (AVAX) as promising contenders capable of establishing new height records in the altcoin sector.

In the previous three weeks, there has been a surge in the price trend for these alternative cryptocurrencies. Notably, METIS has had a minor downturn.

As a crypto investor, I’ve observed a weekly setback of 0.9% for METIS. However, the situation has improved significantly over the past day, with a noteworthy increase of 2.9%. The current trading price hovers at an encouraging $60.59.

This minor downturn is seen as a temporary adjustment before a potential uptrend.

Instead of “On the other hand,” you could say “Contrarily,” or “By contrast.” For paraphrasing the given sentence, here’s a suggestion:

Similarly, AR has increased by 10.5% in the last week and over 40% in the past fortnight.

Over the past 24 hours, NEAR and AR have experienced notable increases of 3.6% and 10.1%. Presently, their trading prices stand at $8.38 for NEAR and $48.54 for AR, signaling a persistent bullish trend.

The cryptocurrency AVAX, or Avalanche, has exhibited encouraging signs, currently trading at a price of $37.09 – representing a 7% increase over the previous day.

At present, the collective market share of altcoins outside the top 10 stands at 11.91%. An intriguing technical trend emerges when analyzing the broader altcoin market.

Realistic or not, here’s AVAX’s market cap in BTC’s terms

In simpler terms, we’ve seen two successive bullish candlestick patterns – a dragonfly candle and a bullish engulfing candle. These candles closed above their preceding candles, indicating strong buying pressure. The bullish trend suggested by this pattern may continue with potential price increases.

An intriguing finding from AMBCrypto is that the trading volume for altcoins currently accounts for 78% of the total crypto market activity, marking a two-year high. This surge suggests increasing investor attention and enthusiasm towards altcoins.

2024-05-18 13:12

NEAR, AR, METIS, AVAX set to surge

Read More