Altcoin
5 Altcoins to Watch in June 2024
The cryptocurrency market is entering the final month of the second quarter of 2024, and investors are once again wondering which crypto-altcoins should be in focus.
To answer this question, BeInCrypto has compiled a list of tokens that could see considerable growth over the next four weeks.
The rise in PEPE prices may continue
PEPE price has emerged not only as the best-performing meme coin but also as the best-performing altcoin over the past month. The mania surrounding these meme tokens has pushed PEPE to new all-time highs all month and placed it among the 20 largest crypto assets in the world.
The crypto asset is trading at $0.00001474 after establishing the ATH at $0.00001725. However, this has not deterred investors, who remain optimistic about a rally.
The average directional index (ADX), a key tool for measuring the strength of a trend, is also above the 25.0 threshold. This means that the uptrend has considerable strength and could continue.
To know more: Pepe (PEPE) Price forecast 2024/2025/2030
PEPE Price Analysis. Source: TradingView
However, in case of profit taking, PEPE price may lose the support of $0.00001430 and fall below $0.000012000.
Render (RNDR) Banks on the rise of artificial intelligence
Even though Render price has consolidated over the past month, it could see a breakout in the coming days. This is because the artificial intelligence (AI) landscape has witnessed massive growth.
The rise of NVIDIA, a leader in artificial intelligence, is fueling the fire. In May, NVIDIA became the world’s third-largest company by market capitalization, surpassing Google and Amazon. The company’s total valuation currently stands at $2.7 trillion, just below Apple’s $2.9 trillion.
Therefore, if growth continues, RNDR could benefit from the hype potential and escape consolidation between $11.4 and $10.0.
To know more: How to buy rendering token (RENDER) and everything you need to know
However, if the cryptocurrency market remains subdued, it is possible that even external signals may not trigger a rally. This would keep Render price moving sideways, if not dropping below the critical support of $10.0
Chilizthe platform that powers blockchain engagement site Socios.com, known for its fan token, has its own native token CHZ looking at earnings. In most cases, these fan tokens are formed in the name of sports teams, mainly football (or soccer).
As the international football season is about to begin, these fan tokens could witness increased liquidity. The upcoming Euro 24 and Copa America will be the key events that will influence fan token transactions.
This, in return, could benefit CHZ as network and resource utilization increases. As a result, the altcoin could break above $0.154 and break the $0.167 barrier, potentially reaching a new high for 2024.
To know more: Chiliz (CHZ) price forecast 2024/2025/2030
The chances of a failed breach are also high, as uncertain market conditions are known to affect the cryptocurrency market. As a result, CHZ could fall to $0.138 or lower.
BONK follows the trail of the frog
BONK’s price rally is as surprising as anything else in the cryptocurrency sector. However, as investors supported meme coins, this token entered the list of top 50 crypto assets, following the rise of PEPE.
The altcoin recently closed at $0.00004114, marking its highest close of all time, but is far from the ATH price of $0.00004800. Therefore, with the help of BONK holders, the meme coin could continue its rise and attempt to reach a new year-to-date high.
To know more: Airdrop Bonk Eligibility: Who Can Apply and How?
Otherwise, the price of BONK could push the price of BONK back to $0.00004000 or lower, slowing the rally without causing large losses to investors.
Solana (SOL) – the institutional favorite
Solana’s price could benefit not from broader market signals but from institutional actions. Although he noted a slow start this year, SOL it is now the most important resource in terms of inflows. Surpassing first place, Chain shirt, Solana it has accumulated inflows of $29 million since the start of 2024.
Most of it came in the last month, reaching $19 million. As the market is recovering, this is expected to continue into early June. Therefore, as institutions continue to accumulate more SOL, the price of Solana will also rise, potentially reclaiming $200 as a support base.
To know more: Solana (SOL) Price forecast 2024/2025/2030
However, if the breakout above $190 fails, as has happened twice in two months, the altcoin could return to hovering around the $169 mark. This would invalidate the bullish thesis, keeping it subdued until the third quarter.
Disclaimer
In line with the Trust Project guidelines, this article on price analysis is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.