Altcoins
3 Altcoins Ready to Awaken and Soar
With Bitcoin (BTC-USD) already well established, altcoins offer fantastic opportunities for speculators. They are generally unknown to the general public, but are full of potential. This is why they are so sought after as people search for the “next Bitcoin”.
Undervalued altcoins generally have three things in common:
1) They have real-world utility. This means they can be used by global industries for many applications. This massive market adoption means huge earning potential for investors holding the coin early.
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2) Almost no one in the general public has heard of it yet. No one in the mainstream had a head on Bitcoin until it was already worth thousands of dollars.
3) They tend to be just a few dollars, often less than 1 cent. Those who bought BTC when it was below $1 should be very happy right now! This is why undervalued altcoins are so sought after.
Pepe (PEPE-USD)
Cryptocurrencies on a phone screen showing statistics for various cryptocurrencies. Cryptos to buy before market fluctuations. crypto memes on the rise. altcoins
Source: Chinnapong / Shutterstock
that of Pepe (PEPE-USD) the price increase occurred after Coinbase (NASDAQ:PIECE OF MONEY) futures listed for meme token on its platform. This widespread acceptance of a crypto historically suggests the start of a long-term uptrend. Those who get in early will own an undervalued altcoin, if history is to be believed.
But what’s even more encouraging is that this pump follows a much larger pump from a month earlier. So this Coinbase listing is just the latest building block of a very broad platform.
Following up on PEPE’s recent growth, on May 3, 2024, whales were spotted investing in 4.04 trillion PEPE tokens.
On the chart, PEPE recently broke out of a promising bull flag pattern. It is currently facing resistance from an inverted head-and-shoulders pattern. A breakout of its latest resistance suggests that the still undervalued altcoin is likely to rebound higher again if technicals play out as expected.
If this is the case, PEPE could almost double its current price. But this would be greatly facilitated by the famous PEPE hype machine, combined with a Ethereum (ETH-USD) rally because PEPE is based on the ETH blockchain.
Hedera (HBAR-USD)
Conceptual tokens for Hedera Hashgraph (HBAR) on a black keyboard.
Source: Shutterstock
In what is quite typical of the altcoin community, Hedera (HBAR-USD) has undergone a pump and dump cycle. It was due to misinterpreted news that black rock (NYSE:BLACK) was going to tokenize its fund on the HBAR hashgraph.
The fallout left the price of HBAR at its previous levels. But this represents an opportunity for those looking for an undervalued altcoin. HBAR is in a long-term uptrend dating back to October 2023. It is still 80% off its all-time highs.
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All promising factors. But it must be recognized that the profit potential of this undervalued altcoin is more of a long-term play. It may take months to erase the recent BlackRock high. But it’s currently near the bottom of an ascending channel, making it a good time to buy.
Even longer term, its all-time high was in 2021, so it would take even longer for it to reach these highs, and this is of course highly dependent on market conditions which remain bullish for cryptocurrencies as a whole.
Near Protocol (NEAR-USD)
NEAR Protocol (NEAR-USD) logo on a smartphone held in a person’s hand
Source: Shutterstock.com/FellowNeko
Close protocol (NEAR-USD) entered a strong uptrend in January 2024 and is currently coiling in a bull flag pattern. Given the length of this bull flag, a potential breakout could occur fairly quickly if technicals play out normally.
A breakout of this flag shows little resistance on the way to its one-year high near $8.90. Expect a resistance test around this price in the short to medium term. But in the long term, its all-time high is above $20.
The rise in popularity of NEAR data availability level seems to have fueled the upward trend of recent months. But the most promising thing is that the NEAR protocol has the distinction of being widely adopted in the real world. This is partly due to its partnership with KaiKaia rewards ecosystem.
This is in addition to many other tentacles NEAR holds in the crypto space, such as integration with MetaMask, for one thing. NEAR’s current price makes it an extremely undervalued altcoin. Perhaps one of the most undervalued altcoins in the world today.
As of the date of publication, Sam Farnham did not hold (either directly or indirectly) any positions in any securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publishing Guidelines.
Since 2012, Sam has helped investors, traders and wealth seekers with his technical and fundamental analysis of financial markets and has developed six trading systems during this time. He is always looking for additional financial opportunities to share with readers.
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