Altcoins
XRP and MATIC hit $1; List of other altcoins with similar potential
Despite Bitcoin hitting new all-time highs a few months ago, there has been minimal rotation into altcoins. This means that many altcoins have not performed well against Bitcoin, leading some to wonder if altcoin season will ever come. Now that Bitcoin is once again heading towards an important $70k level, it is important to analyze. On the net Paul BarronInvesting Broz analyst Tim Warren analyzed several altcoins, explaining their future trends.
Polygon:
Polygon (MATIC), despite recent price struggles, is experiencing significant growth in its fundamentals. Increased wallet usage and mobile app engagement, as well as ongoing development and strategic partnerships, are bolstering the platform’s potential.
Technical Analysis: Polygon’s recent price action reflects a downtrend, with the asset falling below levels seen in September. It is currently trading in a falling wedge pattern. Historically, this pattern has led to bullish results after periods of consolidation.
Polygon is expected to return to around $1 by mid-September, if the current technical setup plays out as expected.
Airport:
Aerodrome (AR) has recently gained significant attention as a liquidity coin for Base, Coinbase’s companion blockchain. This connection positions Aerodrome as a crucial player in the growing Base ecosystem.
Technical Analysis: Aerodrome has recently seen a significant price increase, doubling in value in the last two weeks. This rally reflects strong market interest and confidence in the project’s future. Analysis suggests that Aerodrome could reach around $3 by the end of 2024.
XRP:
XRP is seeing an increase in both new and total addresses interacting with its network. This suggests growing interest and usage, which can be a positive indicator for future price movements.
Technical Analysis: XRP is approaching a critical point in a long-term symmetrical triangle pattern. Historical patterns suggest that such breakouts can lead to significant price rallies. XRP is currently in a descending channel and could break above $1, potentially reaching as high as $1.30. This target aligns with the all-time highs from November 2021.
XRP saw a dramatic price increase last year when news of the lawsuit settlement broke. While this was an isolated event, similar positive news could trigger short-term price spikes.
Solana:
Solana continues to improve its network with various updates and optimizations. These include improvements to scalability, security, and overall performance.
Technical Analysis: Solana is currently facing resistance around $173. This level is crucial as it has historically acted as a barrier to further price increases. Despite the current resistance, Solana has maintained strong support levels, especially since early July. These support levels have been crucial in sustaining the price.
Solana could see a price increase to around $300 by late August to early September. This projection is based on recent price patterns and technical indicators.