Altcoins
Top 3 Altcoins Set for 10x Rally with Ethereum ETF Launch Today
The SEC officially gives the green light to Ethereum ETF applications to begin trading on July 23, 2024. A historic day for altcoins and the cryptocurrency industry to increase Ethereum adoption and, in turn, demand for $ETH.
While ETH price will likely rise on the pre-ETF trading hype, the bull run is dependent on net flows. A positive net flow could take ETH price to nearly $5,000 this week.
In the midst of the bull run, smart money will likely diversify into other altcoins that will yield better returns with the HYPE. So, let’s take a closer look at our top three altcoin picks poised for a 10x rally with the launch of the Ethereum ETF today.
Altcoins to Watch With Ethereum ETF Launch: Mantle (MNT)
With a breakout of the descending channel, MNT price trend reveals a reversal rally from $0.625, gaining momentum. The bullish recovery breaks above the 200D and 50D EMA despite the recent death cross, weakening the bearish signal.
The recovery rally represents 40% and re-emerges above the 23.60% Fibonacci level. The altcoin is currently heading towards the $1 mark and with the Ethereum ETF trading push going live later today, it is likely to enter a bullish phase.
According to Fibonacci levels, the uptrend could reach the $2.75 level. If the ETF performs well, the bull run will likely explain a 10X rally in 2024.
Wave (WAVE)
Similar to Mantle, ONDO price action reveals a breakout rally ready to pick up pace with a broader market recovery. Despite the 50-day EMA opposition, the short-term correction retests the breakout event.
The uptrend in ONDO could retest the peak above $1.40 and potentially reach the psychological level of $1.50. According to the trend-based Fbiboacci level, the altcoin is likely to reach the $5.75 level.
AEVO (AEVO)
With a rising wedge on the daily chart, AEVO price is facing opposition from multiple bearish elements. The 50% Fibonacci level is at $0.60 and the 50-day EMA and rising trendline are the future resistances.
Considering that the 66% recovery rally continues with a breakout, the bull run is likely to start with the broader market recovery. Thus, in the coming weeks, a 10x rally in this altcoin could reach the 2,618 Fibonacci level at $6.30.