Altcoins
Altcoins to Buy for Strong Weekly Close as BTC Holds at $64K
As the cryptocurrency market takes a slow approach to the midweek, Bitcoin and other major altcoins are taking it easy. However, small-cap altcoins are amplifying small gains for a quick rally and breakout rally opportunities.
While large caps are taking it easy, here are some low and mid cap altcoins that are poised to close the week on a strong bullish note. So, let’s take a look at our top altcoin picks for a bullish rally.
Altcoins Worth Buying This Week: PENDLE (PENDLE)
With a market cap of $714M, Pendle is ranked 94th in the top 100 cryptocurrencies list. It has dropped 0.23% in the last 24 hours and is currently trading at $4.62.
It has seen a 41% increase in the last ten days and marks a reversal of the rounded bottom. The reversal starts from the trend line of the declining support and marks a positive cycle within a falling wedge pattern. The bullish cycle challenges the resistance trend line above, breaking the 50% Fibonacci level.
The bullish crossover in the MACD and signal lines and the rising trend in the RSI line signal a surge in bullish momentum. Considering that the altcoin is sustaining the bullish momentum as the broader market recovers, the breakout rally could surpass the $7 high and challenge the psychological level of $1.10.
If the breakout rally continues to gain momentum, RPL token teases a 36% upside potential to reach $27 or the 78.60% Fib level. Optimistically, the target at 1.618 Fib level or $41 makes it a must-buy DeFi token in Q3 2024.
The graph (GRT)
With a market cap of $1.93 billion, The Graph (GRT) is currently trading at $0.20, down 3.64% over the past 24 hours. The coin has seen a 62% decline over the past four months, forming a falling wedge pattern.
Recently, GRT showed a 29% recovery from the $0.17 support level but failed to break above the $0.22 resistance, leading to a 9% decline in four days. The price is struggling to stay above the $0.20 support. However, the daily RSI and MACD indicators suggest a potential uptrend.
If GRT can maintain the momentum, it could challenge the $0.25 level and overhead resistance. A successful breakout could push the altcoin price towards $0.45 and potentially $0.50. Optimistically, a continuation of the uptrend could pump the price to $0.62 in the coming weeks.
NUCLEUS (NUCLEO)
With a market cap of $1.24 billion, Core DAO is ranked 66th in the top 100 cryptocurrencies list. The core token is trading at $1.39 and has dropped by 3.23% in the last 24 hours. On the daily chart, the altcoin reveals a descending channel pattern.
However, similar to the GRT price action, the core price is revealing a positive cycle that is struggling to overcome the psychological stress at $1.50. This resistance suggests a potential inverted head and shoulders pattern. This could cause a breakout of the descending channel to challenge the 50% Fibonacci level at $2.16.
The positive trend in MACD and signal lines and the daily RSI line above the midway line reinforce the possibility of an uptrend for the altcoin. Based on Fibonacci levels, the breakout rally could challenge the $3.77 high in the coming weeks.