Altcoins
5 Altcoins You Should Watch in June 2024
The crypto market is entering the final month of the second quarter of 2024, and investors are once again wondering which crypto altcoins should focus on.
To answer this question, BeInCrypto has compiled a list of tokens that could see considerable growth over the next four weeks.
The rise in PEPE prices could continue
PEPE price has become not only the best performing coin but also the best performing altcoin in the past month. The hype around these meme tokens pushed PEPE to new all-time highs throughout the month and placed it among the 20 largest crypto assets in the world.
The crypto asset is trading at $0.00001474 after setting the ATH at $0.00001725. However, this has not deterred investors, who remain optimistic about an increase.
The Average Directional Index (ADX), a key tool for measuring the strength of a trend, is also above the 25.0 threshold. This means that the uptrend is considerable and could continue.
Learn more: Pepe (PEPE) Price Prediction 2024/2025/2030
PEPE price analysis. Source: Trading View
However, in case of profit taking, PEPE price could lose the $0.00001430 support and fall below $0.000012000.
Render banks (RNDR) on the rise of AI
Although Render price has been consolidating over the past month, it may experience a breakout in the coming days. Indeed, the artificial intelligence (AI) landscape has seen massive growth.
The rise of NVIDIA, the leader in AI computing, is fueling the fire. In May, NVIDIA became the world’s third largest company by market capitalization, surpassing Google and Amazon. The company’s total valuation currently stands at $2.7 trillion, just below Apple’s $2.9 trillion.
So, if growth continues, RNDR could benefit from the hype potential and escape consolidation between $11.4 and $10.0.
Learn more: How to Buy a Render Token (RENDER) and Everything You Need to Know
However, if the crypto market remains subdued, even external signals may not trigger a rally. This would keep Render price moving sideways, or even below the critical $10.0 support.
Chilizthe platform that powers blockchain engagement site Socios.com, known for its fan token, has its native token CHZ looking at the winnings. In the majority, these fan tokens are formed in the name of sports teams, mainly football (or soccer).
Given that the international football season is about to begin, these fan tokens could experience increased liquidity. The upcoming Euro 24 and Copa America will be the key events impacting fan token transactions.
In turn, this could benefit CHZ as network and asset utilization increases. As a result, the altcoin could surpass $0.154 to break the $0.167 barrier, potentially forming a new high in 2024.
Learn more: Chiliz (CHZ) Price Prediction 2024/2025/2030
The chances of a failed breach are also high, given that uncertain market conditions are affecting the crypto market. Therefore, CHZ could fall to $0.138 or lower.
BONK follows the frog’s example
BONK’s price rise is just as surprising as anything else in crypto. However, since investors backed the meme coins, this token entered the list of top 50 crypto assets, following the rise of PEPE.
The altcoin recently closed at $0.00004114, marking the highest close ever, but it is far from the ATH price of $0.00004800. So, with the help of BONK holders, the meme coin could continue its rise and attempt to reach a new year-to-date high.
Learn more: Bonk Airdrop Eligibility: Who Can Claim and How?
Failure to do so could bring BONK’s price down to $0.00004 or lower, thereby slowing the rally without causing much loss to investors.
Solana (SOL) – the institutional favorite
Solana’s price could benefit not from broader market signals but from the actions of institutions. Despite a slow start this year, GROUND is now the biggest asset in terms of collection. Surpassing the first place holder, Chain link, Solana has accumulated $29 million in revenue since the start of 2024.
Most of that was paid out in the last month, reaching $19 million. As the market recovers, this trend is expected to continue into early June. So, as institutions continue to accumulate more SOL, the price of Solana will also increase, potentially reclaiming $200 as a support floor.
Learn more: Solana (SOL) Price Prediction 2024/2025/2030
However, if the $190 breach fails, as has happened twice in two months, the altcoin could return to around the $169 mark. This would invalidate the bullish thesis and keep it subdued through the third quarter.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.