Altcoin
Best Altcoins for a 2X – 5X Return in Q2?
With the approval of the spot ETH ETF and the price of Bitcoin Holding its value above the $68,000 mark, the cryptocurrency market showed strong bullish sentiment, highlighting a high possibility of an altcoin rally in the coming weeks.
Additionally, mid- and small-cap altcoins posted the highest profits during this week, indicating growing investor interest in these altcoins. Planning to invest in these altcoins to get huge returns Ethereum rush? But worried about his future prospects?
Dive in because, in this article, we have covered price opinions and market analysis of the top 5 altcoins that suggest a potential 2X to 5X increase by the end of the second quarter!
Phoenix (PHB):
PHB price has added around 45.83% to its portfolio in the last 30 days and 298% since the beginning of the year, indicating strong bullish sentiment. Furthermore, with a market capitalization of 131.397 million, the Phoenix token has secured the 402nd place in the global cryptocurrency market list.
TradingView: PHB/USDT
On the upside, PHB price has formed a parabolic SAR pattern on the 1D time frame, highlighting a strong bullish influence for the altcoin. However, the SMA shows a bearish crossover, suggesting mixed sentiment in the cryptocurrency sector.
The RSI shows a steady decline on the chart after sitting near the overbought range for a short period. On the other hand, the average shows neutral sentiment in the chart.
If the market pushes the Phoenix price above the $3.80 resistance level, the bulls will prepare to test its upper resistance level of $3.2025 in the coming time. Negatively, a bearish reversal could push the price towards the lower support level of $2.1875.
BinaryX (BNX):
After showing weak price action for a short period, BNX price started the year 2024 on a positive note. The altcoin has a year-to-date (YTD) return of around 350%, indicating a bullish outlook for BinaryX price during the upcoming bull rally.
TradingView: BNX/USDT
The BinaryX token has formed an ascending channel pattern, highlighting the altcoin’s larger bullish influence. Furthermore, the 50-day EMA supports the price, suggesting positive price action during the coming weeks.
The technical indicator, MACD, shows a significant increase in the histogram with its averages showing a strong uptrend, indicating an increase in buying-selling pressure.
If the bulls keep the price above the $1.3050 support level, BNX price will soon test its $1.520 resistance level. However, if the bears get the better of the bulls, the price would test its $1.0825 support level.
Celsius (CEL):
THE Price Celsius has shown significant price volatility this year by adding 615% to its portfolio in the last 30 days, while it has only added 385% year-to-date, highlighting an increase in bullish influence for the altcoin in the last times.
TradingView: CEL/USDT
The Relative Strength Index (RSI) registers a sharp decline into the overbought range, indicating a high possibility of a bearish reversal in the cryptocurrency sector.
If the market sustains the price above the $1.250 support level, the bulls will regain momentum and prepare to test its upper resistance level of $1.7275. Conversely, a market correction could lead the altcoin to retest its lower $1 support level.
Akita Inu (AKITA):
AKITA price has shown a steady increase on its chart since the beginning of the year, indicating a growing bullish influence for this altcoin in the crypto space. Furthermore, it has a year-to-date return of around 60%, indicating high potential for positive price action during the upcoming bull rally.
TradingView: AKITA/USDT
AKITA price has formed a rounded bottom pattern in its price chart, suggesting a high possibility of a breakout rally in the coming times. Furthermore, the SMA supports the price chart, increasing the chances of a favorable outcome.
The Moving Average Convergence Divergence (MACD) shows an increasing green histogram. Furthermore, the averages show a steady uptrend, suggesting that the price will continue to gain value in the coming times.
If the bulls manage to break out of the pattern, Akita price will prepare to test its upper resistance level of $0.000005 in the coming weeks. Negatively, bearish price action could lead the altcoin to test its $0.000002200 support level.
GameStop (GME):
The sensational crypto token of the Solana ecosystem has shown a strong bullish reversal in its chart registering a surge of 656% in the last few weeks. Furthermore, the resumption of hype for SOL-chain tokens has led to a new increase in its tokens.
TradingView: GME/USDT
GameStop price has formed a symmetrical triangular pattern and is on the verge of breaking it, the outcome of which is unpredictable. Additionally, the Cross 50/200 day EMA acts as a channel for the price chart, highlighting uncertainty in future price action.
The technical indicator, RSI, shows a neutral trend on the 1D time frame, indicating weak price action in the cryptocurrency market. On the positive side, the average shows a high possibility of bullish convergence, suggesting a positive outlook for GME price.
If the altcoin breaks out of the pattern, GME price will prepare to test its upper $0.01 level. However, in case of failure, the GameStop token will drop towards the low of $0.002370.
Conclusion:
With the approval of the Ethereum spot ETF, the cryptocurrency market has shown a strong AltSeason signal in the coming weeks. Additionally, mid- and small-cap altcoins have seen massive price movements in recent times.
This suggests a good entry point for traders to start investing and accumulating these potential altcoins to maximize their profits during the upcoming bull rally.
Note: This article is not subject to financial advice and has been produced for research purposes only. Investing in cryptocurrency is highly risky as the market is highly volatile. Make sure you do detailed research before investing in any digital asset.