Altcoins
Top 5 Low-Cap Layer 1 Altcoins to Focus on in 2024
With a growing bearish influence on the cryptocurrency market, Bitcoin and other layer-1 altcoins are in a correction phase. While the intensity of the correction phase varies for each project, the overall performance is under pressure.
However, the cryptocurrency market is expecting a bull run in the coming months. These tokens could skyrocket multiple times, with Bitcoin potentially breaking above $73,000. Also, with the altcoin season approaching the cryptocurrency market threshold, the bull run in Layer-1 tokens is about to begin soon.
So here are the 5 best low-cap Layer-1 Altcoins to buy in 2024 for huge returns.
Top 5 Low Cap Layer 1 Altcoins
Radiant (RXD)
Radiant is a peer-to-peer digital asset system that allows for the direct exchange of value without a central authority. Like Bitcoin, it uses minimal structure and transaction timestamps in a continuous proof-of-work chain.
Radiant (RXD) is currently trading at $0.000716, up 8.99% over the past 24 hours. The market cap of this Layer-1 token is $7.971 million, up 117.89% in 24-hour trading volume.
Radiant’s all-time high was $0.009245 on April 15, 2023, down 92.24% from that peak. Its all-time low was $0.0004307 on February 13, 2023, up 66.46% from that low.
Despite a descending channel on the weekly chart, altcoin RXD Layer 1 is poised for a bull cycle from the support trendline. A bull cycle may involve a jump to $0.0024, a 250% upside potential.
Chromia (CHR)
Chromia is a blockchain platform developed by ChromaWay, aimed at simplifying the creation of decentralized applications (DApps). ChromaWay, active since 2014, is also known for developing colored coins that represent various assets on a blockchain.
Chromia (CHR) is currently trading at $0.2407, up 4.27% over the past 24 hours. The market cap is $195.5 million, with a 381% increase in 24-hour trading volume. Furthermore, altcoin Layer 1 is down 84% from its all-time high of $1.50. On the other hand, the bull run from the all-time low of $0.008525 marks a notable increase of 2705.75%.
According to trend-based Fibonacci levels, a price jump from $0.21 can break out of the 1.618 to $0.8435 level.
Injection protocol (INJ)
Injective is a blockchain platform designed to revolutionize the financial industry through its advanced Layer 1 infrastructure. Amid the recent market rally, INJ price has shown a notable reversal from the combined support of $18.6 and 100W EMA.
Source: Commercial view
The bullish reversal has pushed the asset up 20% to $22.4, while the market cap has risen to $2.077 billion. If the bullish momentum holds, buyers could challenge the elevated trend line around $27.
The potential breakout could offer a better trend reversal signal and support buyers of Layer 1 altcoin INJ to chase the $53 target.
Dione Protocol (DIONE)
Dione Protocol (DIONE) is a blockchain project focused on creating a sustainable and green digital economy by leveraging renewable energy sources.
As the supply pressure from the broader market eased, the correction in DIONE price managed to settle above the 38.2% Fibonacci retracement level. The healthy pullback indicates that the long-term trend remains bullish for DIONE remains bullish.
A recent reversal from the 38.2% FIB at $0.0071 has pushed the asset up 16.4% to $0.0082, while the market cap has risen to $77.6 million.
With a sustained buy, this altcoin could flip the 200D EMA into a potential support, appealing to the bullish sentiment among traders. The post-breakout rally in this Layer 1 altcoin could reach $0.0134, followed by $0.0165.
TWILIGHT (CRUPUSCOLO)
Dusk Network (DUSK) is a privacy-focused blockchain protocol designed to bring institutional-grade financial services to the blockchain while ensuring compliance with regulatory standards.
DUSK coin witnessed a significant outflow in the June market correction as its price dropped from a high of $0.51 to a low of $0.27, forecasting a loss of 47%. However, the declining price faced a fresh wave of demand pressure at $0.285, a horizontal support zone that has been intact since February 2024.
The coin bounced off this support, indicating a crucial accumulation zone for buyers to launch a counterattack. At press time, DUSK coin is trading at $0.284 and maintains a market cap of $119.8 million.
If history repeats itself, DUSK price could bounce sharply and break through the combined resistance of $0.327 and 200D EMA. The potential breakout will intensify the buying momentum in this Layer 1 altcoin to reach the $0.5 level.