Altcoins
Altcoins With High Potential To Ride Trend Reversal Rally
With the altcoin market bouncing towards the $1 trillion valuation, smart money is flowing into altcoins. Also, with Bitcoin price aiming to emerge above $60,000, altcoins are expected to continue their rally on the bullish path.
With a. So, let’s take a closer look at the top Solana-based altcoins to watch as the broader cryptocurrency market recovers.
Altcoins to Watch: Aptos (APT)
With a massive crash in 2024, APT price action reveals a double top on the weekly chart. Taking rejection from the huge offer at $20, the altcoin drops near the crucial support level of $5.
However, this week’s rapid 11.45% reversal marks an abrupt end to the decline and teases a potential trend reversal. If APT price holds above $4.72, the possibility of a double bottom reversal could determine a trend reversal.
Buyers may reclaim the $10 mark as the altcoin regains bullish momentum.
ImmutableX (IMX)
Similar to most altcoins, IMX’s price trend reveals an ongoing correction and represents a 65% decline from the yearly high. The weekly chart reveals a head and shoulders breakout rally leading to new lows this quarter.
Dropping below the psychological level of $1.50, the fall finds support at the 78.60% Fibonacci level of $1,162. Currently, the altcoin is trading at $1.25 and teasing a bounce with the morning star pattern.
With a potential retest of the bearish pattern breakout, the altcoin price could rise to the 50% retracement level at $2.
Optimism (OP)
The fall in the daily chart leads to a falling wedge pattern in the OP price action. Up 28% in the last 4 days, the bullish cycle within the bearish pattern teases a potential trend reversal.
With a bullish crossover in the MACD indicator, buyers are ready to challenge the 23.60% retracement level and the trend line above. As the broader market recovery accelerates, the uptrend could give rise to a breakout rally. Based on Fibonacci levels, the breakout rally could reach the 50% Fibonacci level at $3.