- CryptoBullet forecasts that NEAR, AR, METIS, and AVAX will hit new all-time highs by 2024, driven by current market trends.
- Technical analysis supports a positive outlook, with increasing altcoin trading volume indicating growing investor interest.
As the cryptocurrency market continues its upward trend, led by Bitcoin’s [BTC] robust performance in recent weeks, the global crypto market capitalization has reached approximately $2.5 trillion.
As a result, altcoins such as Near Protocol [NEAR] and Polkadot [DOT] have demonstrated a fierce upward trend. This bullish wave has sparked optimism among investors and analysts alike.
Amidst this positive momentum, CryptoBullet, a well-known crypto analyst, has forecasted that four altcoins are set to reach new all-time highs (ATH) by 2024.
According to CryptoBullet, this period represents a prime opportunity for investors to engage with specific altcoins that are currently undervalued but poised for significant growth.
CryptoBullet’s strategy involves leveraging the current low prices of these altcoins to capitalize on the potential explosive gains in the upcoming bull market.
The key to pinpointing these promising investments lies in their performance against the Fibonacci retracement levels.
CryptoBullet identifies those altcoins that have tested or surpassed the 0.618 or even the 0.786 Fibonacci levels as prime candidates for breaking their ATHs.
On the other hand, the analyst disclosed altcoins that would most likely not fare well, noting,
“The ones that are still between 0.382-0.236 likely won’t make it above their 2021 highs (weak coins). Examples: $DOT $AXS $FIL $ADA.”
At the time of writing, DOT was the top gainer among these altcoins, with ADA coming second.
Particularly, both DOT and ADA have seen an increase of 3.9% and 5%, respectively in the past day, compared to FIL and AXS 0.8% and 0.4% increase over the same period.
NEAR, AR, METIS, AVAX set to surge
CryptoBullet specifically highlighted NEAR, Arweave [AR], MetisDAO [METIS], and Avalanche [AVAX] as the altcoins with the potential to set new records.
Over the past few weeks, these altcoins have shown bullish trends, with METIS experiencing a slight dip.
However, despite a 0.9% decline over the past week, METIS has rebounded, currently up by 2.9% in the last 24 hours with a trading price of $60.59.
This minor downturn is seen as a temporary adjustment before a potential uptrend.
On the other hand, NEAR and AR have demonstrated more significant upward momentum. NEAR has surged by 13.4% in the past week and 36.4% over the past two weeks.
Similarly, AR has increased by 10.5% in the last week and over 40% in the past fortnight.
The last 24 hours have seen NEAR and AR rise by 3.6% and 10.1%, with a current trading price of $8.38 and $48.54 respectively, indicating sustained bullishness.
Avalanche (AVAX) has also shown positive trends, with a current trading price of $37.09, up by 7% in the past day.
Meanwhile, the altcoin dominance, excluding the top 10, stood at 11.91% at the time of writing. Technical analysis of the overall altcoin market shows quite an interesting pattern.
Realistic or not, here’s AVAX’s market cap in BTC’s terms
The market has recently shown a bullish dragonfly candle followed by a bullish engulfing candle, which closes above the dragonfly candle. This pattern suggested that further upward movements were likely.
Additionally, AMBCrypto reports that altcoin trading volume dominance has reached 78%, the highest in two years, signaling growing investor interest in altcoins.
Source: NEAR, AVAX, Arweave [AR], MetisDAO [METIS]: These are the altcoins to watch
