Altcoins, VOC
While Bitcoin is stuck below $65,000, altcoins like Near, Arweave, Tron, Optimism, and Ethereum Classic are showing potential for rallies next week.
Near Protocol is up 16% in a week, NEAR broke out of a bullish triangle and could surge 25% if it surpasses $7.60.
After a rebound from the $29.6 support, Arweave could reach the $47.5 resistance if it breaks above $38.074 this week.
Tron recently broke above the $0.12 resistance and is attempting a breakout. A bullish impulse could send it towards $0.145 or higher.
Optimism is up 7% last week and is facing resistance at its 25-day moving average of around $2.667. A break above could trigger a rally to $4.85.
Bitcoin isn’t at its strongest at the moment, considering its struggle with breaking above the $65,000 zone.
However, we do know that the bulls are especially active, and have prevented a break below $61,000 so far.
Because of this, the altcoins have a chance to recover and even make attempts at rallying further up.
In this section, we will be going over the top five altcoins to keep an eye out for in the coming week, for some of the most profitable trading experiences over the next seven days.
Here’s what we’ve got:
According to data from CoinMarketCap, Near currently trades at around $7.42 and has rallied to the upside by more than 16% in the past week.
Near’s tokenomics
This indicates strength on the part of its bulls, despite the general market downturn from Bitcoin.
According to the RSI in the daily chart, we are seeing the bulls take control from the bears, as shown by the 61.24 reading.
Near’s price action
Moreover, we are also seeing Near break out of the symmetric triangle shown above, which is one of the most bullish signs since the cryptocurrency started to form the triangle in mid-December, 2023.
According to the Fibonacci retracement readings, we only need a break above the $7.6 level to trigger a 25% rally to around $9.6 or higher.
According to CoinMarketCap, Arweave currently trades at around $36, with a weekly rally of around 12% as shown below:
Arweave’s tokenomics
What we have here in the charts, is Arweave after a clean rebound from the $29.6 support.
Arweave’s price action
As shown, we are looking at Arweave ranging between its upper and middle Bollinger bands, between $38 and $30.
Because of this, we can conclude that Arweave needs to trigger a bullish rally to the $47.5 resistance by first breaking above $38.074, which seems likely to happen this week.
Conversely, if we see a break below the $30 - $29.6 range, Arweave could plunge further down to $21.8.
Tron managed to break above the $0.12 resistance, which is a good sign for the cryptocurrency.
Tron’s tokenomics
We also have around 9% in gains for the cryptocurrency over the last week, which is a good sign of bullish strength.
In the charts, we can see that Tron currently trades inside a falling wedge, which is highly bullish.
Moreover, the cryptocurrency is attempting to finalize a breakout, as shown below:
Tron’s falling wedge
We can also see that Tron has some support from its 99-day moving average around $0.1185, indicating that all we need now is a bit of bullish impulse, to trigger a takeoff towards $0.145 or higher.
Like the others, Optimism is also showing signs of strength, as indicated by its $2.68 price and its 7% price increase over the last week.
Optimism’s tokenomics
In the charts, we can see that Optimism is attempting to make higher highs in the short to medium terms but is now facing some resistance from its 25-day moving average as shown below.
Optimism’s price action
This means that investors will have to keep an eye out for how Optimism behaves around the $2.667 zone because a break above might be the trigger we need for an eventual rally to around $4.85.
Ethereum Classic has also been bullish over the last week, despite its relatively smaller gains compared to the others on the list.
Ethereum Classic’s tokenomics
The cryptocurrency trades at $29.59 at the time of writing and is up by around 5.53% over the last week.
In the charts, we can see that the general market decline that swept through the market in the few days before the Bitcoin halving affected Ethereum Classic severely.
The cryptocurrency broke below the ascending trendline shown below and is now attempting to make its way above once again.
Ethereum
If a break above is going to happen this week, it is likely to happen somewhere around $31.5 as illustrated, leading to investors watching out for what happens between $29 and $31.5.
If there are going to be any long entries, they should only happen after a break and close above $31.5—and not before.
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.