Altcoins Hotlist: Expert Identifies Top 6 Coins To Track Amid Bitcoin’s Rise To $72,000
April 08 2024 - 6:00PM
NEWSBTC
As Bitcoin (BTC) continues its upward trajectory, regaining its
bullish momentum after brief range-bound price action and inching
closer to its all-time high (ATH) of $73,700, crypto analyst Miles
Deutscher shared insights on several altcoins to watch for
potential gains this week. Altcoins With Strong Potential
First, Deutscher observes a robust recovery in Bitcoin following
its recent dip below the $65,000 level on April 3rd. The analyst
notes that Bitcoin’s structure appears positive, with $73,8000
being the critical level to watch as it represents the previous ATH
and the cryptocurrency’s last resistance before further
gains. According to Deutscher’s analysis, BTC’s ability to
break through this level could signal further upward momentum for
the market leader. Related Reading: Polygon (MATIC) In Buy Zone
That Earlier Led To 112% & 87% Surges Despite recent network
congestion issues, Deutscher remains optimistic about Solana’s
long-term prospects, as it is the first of several altcoins on the
analyst’s radar this week, promising further gains on top of its
already 23% uptrend over the past month. The analyst
highlights that sentiment around Solana has deteriorated slightly
but emphasizes that these issues are unlikely to significantly
impact the medium to long term. Next on the list, Deutscher
identifies BTC’s equivalent to non-fungible tokens (NFTs),
Ordinals, as a strong performer within the BRC-20/BTC narrative
ecosystem. With the Bitcoin halving scheduled for the
last half of April just days away, Deutscher remains bullish on the
ORDI token ahead of the event. While the narrative surrounding the
halving remains relatively quiet, Deutscher continues to suggest
that Ordinals stands out as a leader in the space. Orion And
Altlayer Deutscher has expressed interest in Altlayer, an altcoin
closely associated with the EigenLayer protocol, due to recent
rumors surrounding the upcoming EigenLayer airdrop. According to
the analyst, Altlayer’s proximity to the airdrop and its
involvement in the restaking narrative contributes to its
appeal. Given these anticipated developments, Deutscher sees
a potential boost for the token as the market prepares for the
airdrop. The token is up 14% in the last month alone and over 4% in
the previous 24 hours. Similarly, Deutscher highlights ORN as
the first restaking rollup on EigenLayer and emphasizes the limited
opportunities to get exposure to EigenLayer before its official
launch. This factor, combined with Orion’s rebranding to
LUMIA, has attracted positive market sentiment, the analyst said,
noting that recent weeks have demonstrated the market’s positive
response to token rebrands, further increasing Orion’s potential.
Dogecoin’s ‘Doge Day’ Next on the altcoin watchlist, Deutscher
notes the upcoming “Doge Day” on April 20, which has historically
seen increased interest and speculation surrounding the dog-themed
meme coin. According to the analyst, the possibility of Elon
Musk tweeting about the meme-inspired cryptocurrency has fueled
expectations for potential price moves. Deutscher suggests
monitoring DOGE for strength and considering it as a viable
short-term trading opportunity. Related Reading: XRP Price Drops
After Massive Whale Dump, Casting Doubt On $1 Target In April
Finally, Deutscher points to previous instances where early
altcoins airdrop participants experienced initial selling pressure,
followed by potential rebounds. Wormhole’s native token, W,
is facing a similar scenario as the token has fallen over 30% since
trading began on April 3. Deutscher advises watching how the
token reacts around the significant support level of $1. Once
the initial selling pressure potentially subsides, Deutscher notes
that a positive reaction can be expected, but whether the $1
support holds will be key to determining the cryptocurrency’s next
moves. Featured image from Shutterstock, chart from
TradingView.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From May 2023 to May 2024