With Bitcoin rapidly gaining price from above the $30,000 mark we have witnessed a crazy reversal in market trends and sentiments. More than 75% of Bitcoin holders are in profit now.
Interestingly, several cryptocurrencies show signs of another leg of a fresh rally for several technical and on-chain reasons.
Why Altcoins Can Initiate a Fresh Rally?
After Bitcoin ETFs, altcoins might also get institutional interest due to the need for portfolio diversification. Therefore we have chosen top candidates who might become the best choice for a diversified crypto ETF.
Ethereum has crossed a major resistance in the $1,742-$1,791 zone and is heading toward $2000. Technical indicators show a good opportunity ahead.
- RSI is on the upper side and moving toward the overbought zone. However, there is still sufficient room for it.
- MACD crossover has just happened, which indicates a price rally ahead.
- Trading volumes are net positive over the last two days.
Traders can buy at current levels for
- Target: $1950
- Stoploss: $1895
Polygon suffered tremendous losses after Disney closed their metaverse program. The altcoin dropped from $1.5 to almost a third($0.58) of its highest value in 2023.
However, now its technical indicators are showing potential for a rally.
- RSI has reached a level of 45 and is growing. It is very far from the overbought zone and has ample room for price growth.
- MACD has just shown a positive crossover.
- Trading volumes have been increasing in the last couple of weeks.
We can expect a small rally and trade with the following levels in mind.
- Target: $0.90
- Stoploss: $0.58
Shiba Inu (SHIB)
Shiba Inu has witnessed huge growth from its lower price of $0.000006 and is now trading at $0.0000082. We expect that it might grow further because of its strong community.
Over the past 24 hours, SHIB’s price has already risen more than 25%, which is the highest among blue-chip meme altcoins. Further, there has been a positive technical indicator that shows a further price rise could be imminent.
- RSI shows a moderate level and there is ample room to grow.
- MACD is showing a positive crossover.
- Volumes have turned net buyers and show broad market participation.
Shiba Inu can be bought at the current price of $0.0000082 and for the following target and stop loss.
- Target: $0.000010
- Stoploss: $0.000075
Litecoin has been one of the high-growth altcoins in 2023. It has recently crossed a major resistance and is trading with a price of $85. Technical indicators show a price growth potential for this altcoin too.
Technical charts indicate the possibility of a fresh rally.
- RSI shows growth and is rising but not yet in the overbought region.
- MACD has already shown a positive crossover.
- Trading volumes are showing the current market has net positive buyers.
Buying can be done at current levels of $85 with the following levels in mind.
- Target: $100
- Stoploss: $82
Bitcoin Cash (BCH)
Bitcoin Cash’s price has exploded and the altcoin is trading above $230. However, we believe that there is no room for further rally as indicators show that the price is already present in an overbought zone.
The altcoin is in the overbought zone with RSI above 70 and MACD at its peak. We suggest traders do not buy, and also short selling might be a bad choice here due to bullish sentiments in the overall market.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.