Altcoins to Consider Buying as the Crypto Market Heats Up
The cryptocurrency market is heating up once again, led by Bitcoin (BTC) as it reclaims the $35,000 mark. While there is uncertainty about the sustainability of this rally, some market participants anticipate a continuation while others expect a correction.
Chainlink (LINK)
Cryptocurrency trader and analyst Michaël van de Poppe suggests considering buying Chainlink (LINK) based on its historical price movement. LINK historically correlates with Bitcoin, indicating that the two assets tend to move together. Poppe notes a pattern of higher lows and higher highs in LINK’s price.
If the current strength in price movement continues, Poppe believes LINK could potentially reach a price range of $25 to $30. Investors should watch for possible corrections around $9.50 and $10 as ideal buying points.
As of press time, Chainlink is trading at $12.21, with gains of over 7% in the last 24 hours and over 11% on the weekly chart.
Aave (AAVE)
Aave (AAVE), a prominent player in the DeFi space, is currently facing formidable resistance that has held for 542 days. However, Poppe suggests that AAVE may be on the verge of a breakthrough as it accumulates in recent days.
If this resistance is breached successfully, it could signal the end of a prolonged accumulation period and potentially push AAVE’s price to levels between $260 and $280. This breakthrough could also pave the way for further gains in the broader DeFi market.
At present, Aave is trading at $91.25 with daily gains of about 0.6% and an 11% increase on the weekly chart.
Synthetix (SNX)
Synthetix (SNX) is displaying similar movements to AAVE and is currently contending with a formidable resistance level. However, market sentiment suggests growing interest in Synthetix, as seen through heavy accumulation and discussions on social media platforms.
If the resistance is successfully breached, Synthetix could experience a surge in value to a range between $7.50 and $8. SNX has risen over 7% in the past seven days, trading at $2.5 by press time.
Compound (COMP)
Compound (COMP) is also showing signs of resurgence and faces a crucial resistance point. While some participants maintain a bearish outlook, substantial accumulation on social media channels implies potential profit-making opportunities.
At present, COMP is valued at $50.72, reflecting a daily gain of nearly 6% and a 7% increase on the weekly chart.
Hot Take: Emerging Altcoins Poised for Impressive Performance
In a broader perspective, Poppe suggests that newly emerging altcoins have the potential for impressive performance if the current market momentum persists.
By
By
By
By